World gold prices plunge to a two-month low.

World gold prices continued to fall, nearing the $4,500 mark, their lowest level in the past two months, as the market focused on the ongoing negotiations between the US and Iran.

In the latest trading session, world gold prices fell sharply to $4,503 per ounce. Photo: Reuters .

In the current trading session, the spot price of gold continues to record a new decline, falling from $4,528 per ounce to around $4,503 per ounce, which is also the lowest level in the past two months.

Earlier in the May 26th trading session (US time), the commodity briefly rose from $4,500 per ounce to $4,538 per ounce. After a few hours, the precious metal unexpectedly dropped sharply to $4,485 per ounce before recovering to $4,500 per ounce, thus forming a V-shape on the daily price chart.

Throughout the session, under pressure from profit-taking, the price of precious metals fell sharply by $62.8 to $4,506.4 per ounce. Conversely, the June gold futures contract in the US closed up 0.3% at $4,516.3 per ounce.

Global gold prices are continuously under pressure from the ongoing US-Iran conflict. Recently, Iran stated that the US violated the ceasefire by launching attacks on targets near the disputed Strait of Hormuz, thereby hindering efforts to end the conflict, according to Reuters.

Meanwhile, US Secretary of State Marco Rubio announced that it could take "several days" to reach an agreement to end the conflict. Earlier, both sides had signaled positive signs of a preliminary agreement to end hostilities and restore maritime shipping through the Strait of Hormuz.

On the other hand, the market is awaiting upcoming statements from Federal Reserve officials, including Vice Chairman Philip Jefferson and Governor Lisa Cook, to assess the impact of inflation on future monetary policy direction.

Investors are also focusing their attention on the US Personal Consumption Expenditures (PCE) data for April, scheduled for release on May 28, to look for further signals about the Fed's monetary policy path.

Recently, UBS lowered its year-end gold price forecast by $400 to $5,500 per ounce, due to lingering risks from high US bond yields and a strengthening US dollar.

In other metals markets, spot silver prices rose 0.6% to $77.40 per ounce; platinum prices were nearly unchanged at $1,957.75 per ounce; while palladium prices increased 0.9% to $1,391.68 per ounce.

Source: https://znews.vn/gia-vang-the-gioi-chim-duoi-day-2-thang-post1654582.html