$BTC World gold prices plummet, bitcoin and stocks surge

TPO - Gold prices fell sharply after U.S. President Donald Trump announced a trade agreement with the United Kingdom, raising hopes for a similar breakthrough with other countries. Global stock markets, cryptocurrencies, and oil prices all rebounded, indicating that investor sentiment is gradually turning positive.

Gold prices continue to plummet

Gold prices dropped significantly in the trading session on May 8 (morning of May 9 Vietnam time) after U.S. President Donald Trump announced a trade agreement with the United Kingdom, raising hopes for a similar agreement with other countries, which has clearly diminished gold's role as a safe haven.

Spot gold prices fell 1.7% to $3,307.84 per ounce. U.S. futures gold prices fell 2.5% to $3,306.

According to the agreement announced by Trump and UK Prime Minister Keir Starmer, a 10% tariff on goods imported from the UK into the U.S. will be maintained. The UK agreed to reduce tariffs from 5.1% to 1.8% and expand access to U.S. goods.

Bob Haberkorn - senior market strategist at RJO Futures - commented: "If the U.S. reaches an agreement with China, gold prices will face significant resistance, falling to at least $3,200".

The market is closely monitoring the scheduled meeting on Saturday in Switzerland between U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and top economic officials from China.

Gold prices continue to plummet after the U.S.-UK agreement.

Gold bullion - a hedge against geopolitical instability - has continuously reached new highs since Trump first imposed tariffs.