Gold price today, April 22: Violent increase

Gold prices continue to benefit from escalating trade tensions between China and the US

At around 6:00 a.m. on April 22, the spot gold price on the world market reached 3,431 USD/ounce, a sharp increase of 61 USD/ounce compared to the lowest level in yesterday's trading session of 3,370 USD/ounce.

According to analysts, gold prices continue to benefit from the escalating trade tensions between China and the United States. Specifically, China is seeking to isolate the United States in the commodity market by cutting 90% of its oil imports from the United States and switching to buying crude oil from Canada. This move has increased risk-off sentiment in the market, boosting investment demand for precious metals, thereby pushing gold prices up sharply today.

In addition, a sharp decline in global stock markets has also caused many investors to seek gold as a safe haven.

The market was further volatile after US President Donald Trump’s statement, when he criticized the Chairman of the US Federal Reserve (FED), demanding an immediate interest rate cut. This caused the USD to fall to its lowest level in the past 3 years, creating more momentum for the world gold price to increase sharply.

In Vietnam, despite the high gold price, purchasing power in the market is still quite quiet. As of the end of April 21, the price of SJC gold and gold rings sold by gold trading enterprises was VND118 million/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-22-4-tang-du-doi-196250422062524184.htm