World gold price lost momentum, fell to nearly 3,300 USD/ounce

Phan Anh |

World gold prices fell sharply last night, down to $3,304.9/ounce due to US employment data positively exceeding expectations and the Bank of England cutting interest rates.

According to Kitco - gold prices are under pressure as US labor market data is more positive than expected. The number of initial unemployment claims in the US in the week ended March 3 was only 228,000, lower than the forecast of 230,000 claims from analysts according to the announcement from the US Department of Labor released on Thursday. Last week's figure remained unchanged at 241,000 orders.

Gia vang giao ngay dem qua giam manh. Luc 23h23 ngay 8.5 (gio Viet Nam), gia vang the gioi cham muc 3.304,9 USD/ounce. Bieu do: Phan Anh
Right-hand gold prices fell sharply last night. At 11:23 p.m. on May 8 (Vietnam time), the world gold price reached 3,304.9 USD/ounce. Chart: Phan Anh

The four-week average - considered a more reliable indicator for the labor market due to eliminating short-term fluctuations - reached 227,000 applications, down from the 230,000 forecast and almost flat compared to 226,000 last week.

The number of people continuing to receive unemployment benefits in the week ended April 26 was 1.879 million, lower than the forecast of 1.890 million and also lower than the previous week's downward adjustment of 1.908 million people.

In another development, the gold market is gradually losing its advantage over the British pound after the Bank of England (BOE) decided to cut interest rates at the basic level, but still maintains a cautious tone in monetary policy statements.

As expected, the BOE has cut interest rates by another 0.25 percentage points to 4.25%. However, the decision was not completely consensus, with seven members voting in favor and two against, while analysts expected absolute consensus.

Although the BOE is gradually loosening monetary policy, analysts expect the bank to have a more p savings tone to clearly signal continued interest rate cuts in the summer.

However, in the policy statement, the BOE emphasized that it still maintains a cautious view and is gradually loosening the policy:

"Based on the latest assessment of medium -term inflation prospects, the committee thinks that the loosening monetary policy should be done slowly and cautiously. The committee will continue to closely monitor the risks of prolonged inflation and the situation of supply and demand in the economy. Monetary policy should be kept at a tightening level until the risk of inflation does not reach the target level of 2% significantly reduced."

After this decision, gold is having difficulty attracting new buying power. In the international spot market, the price of gold in the British pound is currently at 2,509.60 pounds/ounce, down nearly 1% on the day.

Gia vang dem qua chiu nhieu ap luc sut giam. Anh minh hoa: Phan Anh
Gold prices last night were under a lot of downward pressure. Photo: Phan Anh

Jim Wyckoff - senior analyst at Kitco said that the increased risk-off sentiment in the market also puts pressure on safe-haven metals.

Investors' risk appetite improved after US President Donald Trump announced that he would hold a "big press conference" on Friday morning, with the content of a "big trade deal with the representative of a large and very dignified country" - said to be the UK.

At the same time, the US and China are also expected to resume trade talks in Switzerland this weekend.

Phan Anh
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