Gold price today, May 23: Unexpected sharp drop

Gold price today suddenly went down

At 6:00 a.m. on May 23, the world gold price dropped sharply to 3,303 USD/ounce, down 37 USD from the peak of 3,340 USD/ounce in last night's trading session.

The main reason for this decline is profit-taking pressure from short-term futures traders. However, safe-haven metals such as gold still maintain potential upside amid the turmoil in the global bond market.

Specifically, the US bond auction did not receive a positive reception from investors, causing bond yields to exceed 5%, the highest level since October 2023. At the same time, Japanese bond yields also increased sharply, reaching a record 3.18%.

Global financial markets are being hit by the Trump administration's new tax and spending bill, which is expected to increase the US budget deficit. This has further increased investor concerns.

According to Suki Cooper, precious metals analyst at Standard Chartered, buying by Asian gold funds has been a key driver of recent gold prices. However, she warned that gold could fall 10% by year-end if US economic stimulus measures are implemented and geopolitical tensions ease.

In Vietnam, by the end of May 22, the price of SJC gold was listed at 120.5 million VND/tael (selling price), while the price of gold rings reached 115.5 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-23-5-bat-ngo-giam-manh-196250523063240939.htm