Gold prices today, May 20th: Plummeting uncontrollably.

On the morning of May 20th, the world gold price, as listed on Kitco, was $4,480 per ounce, a decrease of $95 per ounce compared to the beginning of yesterday morning.

Gold prices plummeted as the market awaited further developments following US President Donald Trump's decision to temporarily halt a planned attack on Iran.

The sharp drop in gold prices shows that sellers remain in control as the precious metal continues to be weighed down by the strength of the US dollar and lingering geopolitical uncertainties. The market is witnessing a return of safe-haven flows into the US dollar.

Tensions between the US and Iran show no signs of easing, despite the temporary suspension of military plans. Many investors remain cautious about peace proposals due to the continued existence of contentious conditions.

Gold prices plummeted. (Photo: Minh Duc).

Furthermore, oil prices remain high due to concerns about supply disruptions from the Middle East, particularly related to the Strait of Hormuz, raising the risk of global inflation. This reinforces expectations that the US Federal Reserve (Fed) may continue to maintain a tight monetary policy or even raise interest rates.

Gold price movements today

+ Domestic gold prices

At 6:00 AM on May 20th, the price of gold bars at Doji and SJC was listed at 161 million VND/ounce (buying) - 163.5 million VND/ounce (selling), a decrease of 300,000 VND/ounce compared to the previous trading session.

Meanwhile, the price of gold rings is currently listed by Doji at 160.5 million VND/ounce (buying) - 163.5 million VND/ounce (selling), a decrease of 300,000 VND/ounce.

+ International gold prices

The world gold price listed on Kitco is $4,480 per ounce, down $95 per ounce compared to early yesterday morning.

Gold price forecast

Fawad Razaqzada, a market analyst at FOREX.com, stated in a report that gold remains "under pressure as oil prices, yields, and the US dollar all rise." His short-term view aligns with Monday's trading activity:

Gold has bounced back from support, but this recovery is not strong enough to alleviate pressure from inflation concerns driven by energy prices and the assumption that real interest rates will continue to rise.

US stocks showed mixed performance as oil price volatility and interest rate fluctuations continued to be the focus of macroeconomic news. The USD Index weakened after last week's sharp rise, paving the way for a gold recovery, but the dollar remained supported by safe-haven demand and the likelihood of further interest rate hikes by the Federal Reserve.

Traders are watching the minutes of the Fed's April 28-29 meeting, looking for signals on whether policymakers are becoming increasingly concerned about inflation driven by rising energy prices.

The short-term outlook for the gold market currently depends on whether the risk premium related to Iran will primarily drive safe-haven demand or create a stagflation shock that triggers sharply higher interest rates.

Ngoc Vy

Source: https://vtcnews.vn/gia-vang-hom-nay-20-5-lao-doc-khong-phanh-ar1018983.html