World gold price drops sharply, moving away from the 3,200 USD/ounce mark

gold- nguyen hue.jpg — Gold prices fell sharply

At 11:44 p.m. on May 14 (Vietnam time), the world gold price dropped by 70 USD/ounce, to only 3,178 USD/ounce.

Technically, bulls and bears in the June gold futures market are currently in balance in the short term, but bulls are weakening.

Gold prices appeared to have entered a brief consolidation phase below the $3,200/ounce mark in Wednesday's trading session, after falling to a five-week low earlier.

The decline comes as investors continue to pull funds from safe-haven assets. Growing optimism over trade prospects has fueled steady selling in the precious metal.

Gold prices continued to come under pressure, according to several analysts and traders interviewed by Bloomberg. "The new tariffs between the US and China were lower than expected, which helped ease investors' concerns about trade-related growth risks," said Justin Lin, an analyst at Global X ETFs.

“Capital flows are likely to be moving out of defensive assets like gold,” he added.

However, the gold rally may not be over yet, according to Amy Lo, head of Asia wealth management at UBS.

UBS's wealthy clients are gradually withdrawing from USD-denominated assets and shifting to gold, cryptocurrencies and investments in China.

“Gold is becoming more popular,” Amy Lo said in an interview with Yvonne Man at Bloomberg’s New Voices event held Tuesday in Hong Kong.

VN (according to Vietnamnet)

Source: https://baohaiduong.vn/gia-vang-the-gioi-giam-manh-roi-xa-moc-3-200-usd-ounce-411589.html