World gold prices turn down as USD strengthens, investors take advantage to take profits

Illustration photo. Photo: Internet

Specifically, spot gold lost 0.6%, falling to $3,295.21/ounce, after reaching its highest level since May 9. Meanwhile, US gold futures also edged down, closing at $3,294.90/ounce.

During the session, the USD index recorded a 0.3% increase, making gold less attractive to investors holding other currencies. According to expert Jim Wycoff of Kitco Metals, the increase in the USD along with profit-taking pressure after previous sessions of increase has created pressure to push gold prices down.

On the same day, May 22, the Republican-controlled US House of Representatives approved a bill to reform taxes and cut spending across the board, amid concerns that the move could increase the US public debt. In the session on May 21, the yield on the 10-year US government bond climbed to its highest level since February, as investors expressed concern about the financial consequences of the new bill. The US Congressional Budget Office (CBO) also warned that the bill could potentially increase the current US$36.2 trillion federal debt by about US$3.8 trillion.

Mr. Wycoff added that the instability in the global bond market will continue to be a positive supporting factor for gold.

In addition, expert Zain Vawda from OANDA commented that the upcoming US trade agreements announced in the coming weeks will play a key role in shaping the gold price trend for the rest of the year.

In the Vietnamese market, opening on the morning of May 23, Saigon Jewelry Company announced the buying and selling prices of SJC gold at 118.50 - 120.50 million VND per tael, respectively.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-quay-dau-giam-khi-usd-manh-len-nha-dau-tu-tranh-thu-chot-loi/20250523095839836