Gold price today May 26: 96 tons sold, gold price drops shockingly

World gold price last night dropped sharply from 1,965 USD/ounce to 1,940 USD/ounce at 4:00 a.m. on May 26.

After a session of "evaporating" tens of USD, today's gold price continued to decline in the context of the US economic growth in the first quarter of 2023 increasing by 1.3%, 0.2 percentage points higher than the expected increase of 1.1%. At the same time, the number of weekly applications for unemployment benefits in the US was much lower than market expectations.

Meanwhile, the USD increased in value across the board, and bond interest rates also jumped to 3.78%/year, attracting cash flows into USD and bonds. Today's gold price fell into a disadvantageous position.

On the other hand, the market is worried as US lawmakers and President Joe Biden's administration have not yet reached an agreement to extend the public debt ceiling.

However, Reuters reported that Democrats and Republicans are getting closer to a debt deal, which could also add some selling pressure to the gold market.

In particular, the news that Türkiye sold a total of 96 tons of gold in March and April 2023 caused investors to flee on international gold exchanges.

Accordingly, the world gold price last night dropped sharply by 25 USD, from 1,965 USD/ounce to 1,940 USD/ounce at 4:00 a.m. on May 26. After that, the gold price today fluctuated little and at 6:00 a.m. the same day, it was trading at 1,942 USD/ounce.

Previously, in Vietnam, from 9:00 a.m. to 5:00 p.m. on May 25, the world gold price increased slightly, so the SJC gold price increased by 50,000 VND/tael, closing at 67.1 million VND/tael at the end of the day.

Thy Tho - Photo: Tan Thanh - Graphics: Ngoc Trinh

Source: https://nld.com.vn/kinh-te/gia-vang-hom-nay-26-5-bi-ban-96-tan-vang-giam-soc-2023052606312782.htm