Today, May 23, USD price increased, causing gold to plummet.

The world gold price today is listed on Kitco at 2,380 USD/ounce, down 40 USD/ounce compared to early this morning.

Gold prices fell sharply due to the US dollar's rebound and profit-taking pressure greater than gold buying demand.

Accordingly, the DXY index measuring the strength of the US dollar against major currencies increased from 104.4 points in the previous session to 104.8 points.

Besides, gold continued to be pressured by the policy stance of the US Federal Reserve (Fed) after the minutes of the meeting ended earlier this month.

While US monetary policy has become a secondary factor in the gold market, persistent inflation could create some selling pressure as it could force the Fed to raise interest rates again, the minutes said.

This view is in stark contrast to recent statements by members of the US Monetary Policy Committee that although they are not ready to cut interest rates due to rising inflation, they will not raise interest rates.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on May 23, the gold price at Doji was listed at VND88.6 - 90.4 million/tael (buy - sell), down VND400,000 - 100,000/tael compared to early this morning.

At the same time, the gold price at SJC was listed at 88.7 - 90.7 million VND/tael (buy - sell), down 300,000 VND/tael.

+ International gold price

The world gold price listed on Kitco is at 2,380 USD/ounce, down 40 USD/ounce compared to early this morning. Gold futures last traded at 2,382 USD/ounce.

Gold Price Forecast

According to the Wall Street Journal, gold's recovery over the past several months has been largely driven by central bank buying, especially demand from Chinese investors.

Central banks around the world are also starting to diversify away from the US dollar. These factors will continue to support gold in the future.

Some experts have optimistically predicted that the price of this precious metal will reach $3,000/ounce in the near future.