Gold prices today, June 24th: Unexpected sharp reversal and decline.

(NLDO) - After an upward trend, gold prices reversed course and plummeted today. The sharp drop in world gold prices is driven by several factors.

Gold prices fell sharply today.

At approximately 6:00 AM on June 24th (Vietnam time), the price of gold today fluctuated around $4,098 per ounce, a decrease of $101 compared to the highest price of $4,199 per ounce during last night's trading session.

The sharp drop in gold prices was driven by several factors. The US dollar maintained its upward momentum and remained at its highest level in a year, while the risk of a potential interest rate hike by the Federal Reserve (FED) persisted.

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The Fed's tighter monetary policy stance has become the biggest obstacle for gold. The market no longer expects the Fed to ease policy anytime soon. Instead, investors are focusing on positive US economic data, the strength of the US dollar, and interest rates.

Furthermore, the easing of tensions in the Strait of Hormuz has also contributed to weakening demand for gold as a safe haven. Iran has temporarily agreed to waive fees for 60 days, but the dispute between Tehran and Washington over control of the Strait of Hormuz continues. The drop in crude oil prices to $73 per barrel has eased inflationary pressures, thereby reducing demand for gold as a safe haven.

Analysts believe that the combination of a strong US dollar, the Fed's cautious monetary policy, and easing geopolitical risks is putting downward pressure on gold prices. The market is monitoring upcoming US economic data as well as developments in negotiations related to the Strait of Hormuz to assess the next trend for gold prices.

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Source: https://nld.com.vn/gia-vang-hom-nay-24-6-bat-ngo-dao-chieu-giam-manh-196260624062816262.htm