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Gold price skyrockets: Trump and market uncertainty drive rise!
On May 24, 2025, gold prices are rising due to uncertain market conditions and geopolitical tensions. Find out more about the current economic developments in the USA and Germany.
Gold price skyrockets: Trump and market uncertainty drive rise!
On May 24, 2025, the world gold price closed sharply at $3,358 per ounce, up $58 from $3,300 per ounce the previous day. This strong market move is largely due to risk-averse market sentiment, which has increased gold's appeal as a safe haven. Loud vietnam.vn The fluctuations on the US stock market also played a role in this development.
A key factor driving capital flow into gold was President Donald Trump's political statements. Among other things, he announced a 25 percent tax on Apple iPhones not manufactured in the USA. He also planned a 50 percent tax on goods from the EU from June 1st, which also reflects the deadlock in trade negotiations.
Influence of the US dollar and oil prices
Additionally, markets benefited from a weaker US dollar and stable crude oil futures at $61.25 per barrel. The yield on 10-year US government bonds, which hovered at 4.5 percent, also gave gold prices a boost. The price of SJC gold in Vietnam was VND120.5 million per tael as of May 23, while gold rings were offered at VND115.5 million per tael.
For the coming week, the US labor market data for April is of great importance as it could trigger high fluctuations. The US labor market is already showing signs of weakness, with only 129,000 new jobs expected in April, while at least 250,000 new jobs per month would be needed to stabilize the unemployment rate. This is viewed in the context of an expected decline in US GDP from -2.4% in the final quarter of 2024 to 0.4% in the first quarter of 2025.
Market forecasts and economic indicators
How gold.de reports, gold prices are currently in a correction phase after reaching an all-time high of $3,500 per ounce. The current price of $3,288.15 per ounce is 6.4% below that high, but still up 24.6% year-to-date. There are also positive developments in the gold price in euros, which has risen by 14.5% since the beginning of the year and by 32.7% over the year.
Important economic and corporate figures are due next week. Germany's GDP will be released on Wednesday, with a slight quarter-on-quarter growth expected of 0.2%. In contrast, a negative trend is forecast for the USA, which underlines the uncertainty of the economic situation.