Gold price today, June 17: Unexpected sharp drop

Giá vàng hôm nay, 17-6: Bất ngờ sụt giảm - Ảnh 1. — Gold price in the world today plummeted

At around 6:00 a.m. on June 17 (Vietnam time), the world spot gold price hit $3,394/ounce, down $48 from the session's highest price ($3,452/ounce). The August gold price also fell $33.9 to $3,418.9/ounce.

The main reason recorded was profit-taking activities from investors after the recent sharp increase in gold prices, combined with risk-aversion sentiment when the US and international stock markets simultaneously increased.

The Israel-Iran conflict continues but has not caused panic in the gold market. Analysts say that if crude oil prices do not spike, investor sentiment will remain relatively stable.

However, the risk of Iran blocking the Strait of Hormuz – a route for 20% of global crude oil – remains a potential risk. Crude oil prices are currently trading at a high of $71.50 a barrel.

World gold prices are currently under pressure from many factors, including profit-taking sentiment, oil price fluctuations and geopolitical events.

In Vietnam, by the end of June 16, the listed price of SJC gold was 119.6 million VND/tael (selling price), and the price of gold rings was 116.4 million VND/tael.