On the evening of May 22nd, the prices of gold and silver suddenly dropped sharply.

At 9:45 PM on May 22nd, the world gold price was trading at $4,495 per ounce, down more than $40 per ounce compared to the morning and breaking through the $4,500 per ounce support level.

Along with gold, silver prices also fell sharply, dropping well below the $75/ounce mark, down nearly 2% compared to the morning.

In a surprising development, gold and silver prices plummeted, mirroring the decline in crude oil prices. On the evening of May 22nd, Brent crude oil on the international market traded at $104 per ounce – its lowest level in a week. Meanwhile, the US dollar continued to rise to 99.3 points.

According to analysts, a stronger US dollar is weakening demand for safe-haven assets like gold and silver, amid the ongoing situation in the Strait of Hormuz and the lack of positive prospects for US-Iran negotiations.

Prolonged negotiations between Washington and Tehran are increasing the oil premium and putting further pressure on gold prices. If central banks raise interest rates, the US dollar will continue to benefit, and gold and silver prices will face additional pressure.

Giá vàng bạc giảm mạnh cuối ngày 22 - 5 , tác động đến thị trường kinh tế - Ảnh 2. — Gold prices fell sharply at the end of the day on May 22. Photo: Tan Thanh

In the domestic market, by the end of May 22nd, major gold businesses listed the buying price of SJC gold bars at 159 million VND/ounce and the selling price at 162 million VND/ounce - a decrease of up to 400,000 VND compared to the morning.

The price of 99.99% pure gold rings and jewelry also fell sharply to around 158.5 million VND/ounce for buying and 161.5 million VND/ounce for selling.

Currently, the world gold price, converted according to the listed exchange rate, is approximately 143 million VND/ounce, which is about 19 million VND/ounce lower than the price of SJC gold bars and gold rings.

Similarly, domestic silver prices also fell sharply towards the end of the day. Brands like Ancarat, SACOMBANK -SBJ, and Phu Quy traded silver bars at around 2.85 million VND/ounce for buying and 2.94 million VND/ounce for selling - a decrease of about 40,000 VND compared to the morning.

The price of silver by the kilogram for all brands also fell to 76.1 million VND for buying and 78.4 million VND for selling - a decrease of about 1.3 million VND compared to the morning.