World gold prices fluctuate.

World gold prices have been fluctuating around the $4,320-$4,340 mark, after rising sharply for three consecutive sessions.

During the trading session on June 16th, world gold prices fluctuated continuously around $4,320-$4,340. Photo: Reuters .

At the start of trading on June 16th (US time), the spot price of gold rose by more than $40 to $4,355 per ounce. However, the upward momentum did not last long as the precious metal fell back below $4,320 and then fluctuated continuously around the $4,320-$4,340 mark.

This commodity closed the session at $4,330.6 per ounce (+ $22.1 ) and is currently up another $10.2 to $4,341.1 per ounce in the ongoing trading session on June 17.

Meanwhile, August gold futures contracts in the US also closed on June 16th up about 0.1%, at $4,354.4 per ounce.

In other metals markets, spot silver prices rose 0.3% to $70.22 per ounce, platinum increased 2.8% to $1,816.65 per ounce, and palladium gained 0.7% to $1,358.06 per ounce.

"The market's support over the last two sessions has been the prospect of the US and Iran reaching an agreement to end the conflict. As a result, short-term interest rates have fallen, energy prices have declined, and the likelihood of the Fed having to raise interest rates later this year is lower," said David Meger, Director of Metals Trading at High Ridge Futures.

Recently, gold has been under pressure from the conflict between the US, Israel, and Iran, as sharply rising oil prices have fueled expectations that interest rates will remain high for an extended period. Although gold is often seen as a hedge against inflation, this non-yielding precious metal is less attractive in a high-interest-rate environment.

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In the US stock market, while the S&P 500 and Nasdaq closed lower, the Dow Jones index recorded a record closing high for the second consecutive session.

At the close of trading, the Dow Jones index rose 328.64 points (+0.64%) to 51,999.67 points, the S&P 500 index fell 42.94 points (-0.57%) to 7,511.35 points, and the Nasdaq Composite index fell 307.6 points (-1.15%) to 26,376.34 points.

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In terms of geopolitical developments, the interim agreement announced by US President Donald Trump will extend the fragile ceasefire, established in April, for another 60 days, and reopen the Strait of Hormuz. This vital global oil shipping route has been virtually blocked since the US and Israel launched attacks on Iran in February.

On the other hand, investors are currently awaiting a series of central bank meetings this week, particularly the US Federal Reserve's interest rate decision on June 17 (local time).

This was the first meeting under the new chairman, Kevin Warsh. According to the CME FedWatch tool, the market now only rates the likelihood of a Fed interest rate hike in December at around 60%, down from about 70% last week.

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Source: https://znews.vn/gia-vang-the-gioi-giang-co-post1660403.html