At 3 pm on November 6, right after the results of the US Presidential election were announced with a win for Donald Trump, gold prices took an unexpected turn.
Many investors reported a “free fall” in gold prices as the precious metal dropped by over $20/ounce to $2,724/ounce in the international market.
Gold prices plummeted after hovering around the $2,740 – $2,745/ounce mark for several days. The pressure to take profits also emerged as gold prices took a sharp downturn.
Influenced by global prices, gold ring prices with 99.99% purity have also been on a continuous downward trend in recent days. SJC Company listed gold ring prices at VND 86.4 million/troy ounce for buying and VND 87.9 million/troy ounce for selling, a decrease of VND 300,000 compared to the morning and a total decrease of up to VND 600,000/troy ounce compared to yesterday.
Gold ring prices took a sudden dip in the afternoon
If calculated from the highest mark of VND 89.5 million/troy ounce for gold rings last week, each gold ring has now lost more than VND 1.5 million/troy ounce.
There is also a gap in gold ring prices among businesses, with PNJ Company selling gold rings at VND 88.2 million/troy ounce, DOJI at a higher rate of VND 88.45 million/troy ounce, and Mi Hong Company selling at VND 88 million/troy ounce…
Meanwhile, SJC gold bar prices remain high at around VND 87 million/troy ounce for buying and VND 89 million/troy ounce for selling, unchanged from yesterday. This development has caused SJC gold bar prices to surpass gold ring prices with 99.99% purity.
Previously, some analysts predicted that if Donald Trump became the US President, gold prices would continue to rise. However, the opposite occurred after the election results were announced, surprising many investors as global gold prices took a significant hit.
Gold ring prices slip below the VND 88 million/troy ounce mark
Gold expert Tran Duy Phuong analyzed that in the last 5 US Presidential elections, gold prices always dropped significantly after the results were announced, with a decrease of up to $100–200/ounce. However, with Trump’s policy of maintaining low-interest rates, there will be pressure on the Federal Reserve (Fed) to cut rates faster, benefiting gold prices.
“Trump’s policy of imposing high tariffs on other countries, especially on goods from China, will likely support a rise in gold prices. Therefore, gold prices may decline in the short term but will continue to trend upward in the long run,” Phuong forecast.
Currently, global gold prices converted according to the listed exchange rate are around VND 83.5 million/troy ounce.
