Gold prices plunged during Wednesday’s trading session (May 14th), as investors dumped holdings, causing a breach of the key $3,200 per ounce level. According to analysts, the surge in risk appetite across global markets is currently weighing on gold prices.
As of 9 a.m. Vietnam time (May 15th), gold spot prices in Asian markets dropped by $5.8 per ounce compared to the previous night’s close in the US, equivalent to a 0.18% decrease, trading at $3,172.3 per ounce, as per data from Kitco. When converted using Vietcombank’s USD selling rate, this price equates to VND 99.8 million per tael, a decline of VND 2.3 million per tael from the previous day.
At the same time, Vietcombank quoted USD at VND 25,710 (buying) and VND 26,100 (selling), a decrease of VND 40 on both buying and selling rates compared to the previous day.
At the close of the New York session, gold spot prices settled at $3,178.1 per ounce, a decline of $73.1 per ounce from the previous session’s close, equivalent to a 2.2% drop. This marked the lowest settlement price for gold since April 11th.
On the COMEX exchange, gold futures prices fell by 1.9%, closing at $3,188.3 per ounce.
“The rebound in global financial markets after the US and China agreed to significantly reduce tariffs on each other’s goods led to a correction that pierced gold prices through important technical levels,” said Tai Wong, an independent precious metals trader in New York, in a statement to Reuters.
As of Wednesday’s trading session, the S&P 500 index on Wall Street had risen for five consecutive sessions, turning positive for the year. Earlier, the index had entered a bear market territory in April after Trump’s tariff plans were announced.
The surge in risk appetite led to a decrease in demand for safe-haven assets like gold. During April, when trade tensions were high, gold prices surged to all-time highs above $3,500 per ounce.
Despite falling more than 9% from its record high, gold prices remain approximately 20% higher compared to the beginning of the year.
Analysts attribute the long-term upward trend in gold prices to the unpredictability surrounding Trump’s tariff policies. There is no certainty as to when the US and China will reach a final agreement, and the outlook for trade deals between the US and its other partners remains uncertain.
“Although the long-term outlook for gold prices remains bullish, I wouldn’t be surprised if gold’s weakness persists for a few more days,” remarked Fawad Razaqzada, a market analyst at City Index, in a report.
“The next target for this downward trend is $3,136 per ounce, followed by $3,073 per ounce and $3,000 per ounce,” Razaqzada emphasized.
The world’s largest gold-backed ETF, SPDR Gold Trust, remained unchanged during Wednesday’s session, maintaining its holdings at 936.5 tons. The fund’s recent trend has been net selling.
The Golden Outlook: Unveiling the World Gold Council’s Insights on the Year-End Gold Market Trends
The World Gold Council offers insightful recommendations for gold investors, delving into the factors influencing gold prices for the remainder of the year. This insightful analysis provides a strategic outlook for those navigating the precious metal market, offering a glimpse into the potential future of gold investments.
Oil Slump, Gold’s Gloomy Outlook, and Iron Ore’s Rise: A Market Update for May 15th.
As of May 14, 2025, oil prices dipped as U.S. crude inventories rose beyond expectations, sparking concerns about oversupply. Gold prices fell to their lowest in over a month amid rising trade optimism. Meanwhile, iron ore prices surged to their highest in more than five weeks, buoyed by positive U.S.-China trade sentiments.
Is Gold’s Price Drop Temporary or Will it Plummet to 100 Million VND per Tael?
The recent volatility in global gold prices has been marked by a predominantly downward trend, with the de-escalation of US-China trade tensions pulling domestic gold prices down.
The Gold Rush: Why Gold Prices are Plummeting Tonight
The global gold price plummeted following the news of a significant tariff reduction agreement between the US and China over the next 90 days.
Gold Recovers After US Inflation Data, SPDR Gold Trust Dumps Almost 3 Tons
The buying power at the relatively low price range propelled gold prices to rebound after a 2.6% dip on Monday.
