Market Highlight 28.05.2026

Global gold prices have fallen for a second consecutive day, as the lack of new progress in peace talks between the U.S and Iran continues to weigh on interest-rate expectations. Gold was trading around 4.450 USD/ounce after falling 2,6% over the previous two sessions, while silver held steady at $74,6. U.S President Donald Trump said he was “not happy” with the negotiations with Iran, reducing expectations of an imminent breakthrough. Trump did not specify what plan the U.S would pursue to ensure that ships can move freely through the Strait of Hormuz, a key issue in resolving the war with Iran. The near closure of this critical energy waterway has triggered a sharp rise in oil-product prices, shaking the global economy since late February. Even if an agreement is eventually reached, higher energy prices may keep inflation elevated and force Central Banks to maintain higher interest rates for longer, rather than cutting rates as had been expected before the Iran war. Federal Reserve Governor Lisa Cook said on Wednesday that inflation is moving in the wrong direction and that she would be prepared to support rate hikes if the situation continues.

The JPY weakened to its lowest level in nearly four weeks at 159,51 per USD on Wednesday, moving closer to the level that prompted the Japanese Government to intervene last month, as markets grew concerned about renewed escalation in the war in Iran. The 160-per-USD mark is seen as a key intervention threshold after the yen moved beyond that level last month. Markets are currently pricing in around a 70% chance that the Bank of Japan will raise interest rates by a further 0,25% at its policy meeting on 15-16 June.

Domestically, interbank USD/VND fell by a further VND 10 yesterday and closed the day at 26.335.

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