On the evening of May 12th, people were dizzy from the rising global gold prices.

(NLĐO) – World gold prices unexpectedly reversed course, falling rapidly and breaking below the $4,700/ounce mark.

On the evening of May 12th (Vietnam time), the world gold price was trading at $4,683 per ounce, a decrease of more than $50 per ounce compared to the morning.

Gold prices fell sharply and broke below the $4,700/ounce mark. Notably, in the past few days, gold prices have fluctuated wildly, rising and falling by tens of dollars per ounce each session. The daily price swings have reached as much as $130/ounce.

Following the downward trend, silver prices also fell from their two-month high and are currently trading at $84.2 per ounce, down more than 2.36% from this morning.

Precious metals cooled down amid rising crude oil prices and a stronger US dollar. The US dollar index (DXY Index) rose further tonight to 98.2 points, up 0.34% from the previous session; while Brent crude oil also climbed above $107 per barrel.

Gold prices fell again at the end of the day.

According to analysts, tensions between the US and Iran remain the most important geopolitical factor for gold and silver, with the Strait of Hormuz continuing to act as a barometer of energy risk in the market. The latest information indicates that US President Donald Trump's rejection of Iran's latest peace offer has put further pressure on the ceasefire agreement.

Factors such as persistent geopolitical risks, higher oil prices, and rising inflation expectations are limiting gold's appeal as a safe-haven asset. Silver is also seeing profit-taking after yesterday's sharp rise, with Comex futures for the previous month surging more than 6%.

In the domestic market, after a day of gains, gold prices fell back. By the end of today, SJC gold bars were trading at 162.5 million VND/ounce for buying and 165.5 million VND/ounce for selling - a decrease of 1.5 million VND compared to the morning.

The price of 99.99% pure gold rings and jewelry is also bought and sold by many large gold companies at the same rate as SJC gold bars.

Currently, the world gold price, converted according to the listed exchange rate, is approximately 149 million VND/ounce, which is more than 17 million VND/ounce lower than the domestic gold price.

World gold prices fell by more than $50 per ounce by the end of the day.

Source: https://nld.com.vn/toi-12-5-chong-mat-truc-gia-vang-the-gioi-19626051220375481.htm