Gold price today, April 23: Unexpected sharp drop

Last night, the world gold price dropped by 155 USD/ounce.

Gold prices today fell hundreds of dollars per ounce as US President Donald Trump announced that he has no plans to fire the Chairman of the US Federal Reserve (FED) - Mr. Jerome Powell. At the same time, Mr. Trump expressed his desire for the FED to lower interest rates to boost economic growth.

Meanwhile, the US Treasury Secretary unexpectedly said that the US-China trade deadlock cannot be maintained and is likely to de-escalate.

In response to the news, the US stock market rebounded strongly. The Dow Jones index increased by 1,016 points, the Nasdaq increased by 429 points and the S&P 500 increased by 129 points.

The improvement in market sentiment has caused investors to reduce their demand for safe haven gold, shifting capital to stocks. The sharp drop in gold prices today is inevitable.

Another factor that caused the gold price to plummet was that after reaching $3,495/ounce, gold surfers rushed to sell to take profits.

Immediately, the world gold price dropped by 155 USD/ounce. By 6:00 a.m. on April 23, the gold price today dropped to 3,340 USD/ounce.

Previously, in Vietnam, due to the sharp increase in world gold prices on April 22, SJC gold prices set a new record of VND124 million/tael. The price of gold rings also reached VND119 million/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-23-4-bat-ngo-giam-manh-196250423063121847.htm