On the evening of November 14, the international gold price was traded at $2,555 per ounce, a further decrease of $18 per ounce compared to the morning session. Within a day, the price of gold dropped by nearly $60 per ounce after falling below the $2,600 mark.
If calculated from the highest peak at $2,790 per ounce, the precious metal has now decreased by $235 per ounce (equivalent to a drop of about VND 7.2 million per tael).
The global gold price has been continuously declining as the US Dollar Index (DXY) on the international market has not stopped its strong upward trend. Currently, the DXY is at 106.7 points, surpassing the peak in October 2023.
According to analysts, the gold price is affected by a decrease after a series of shock increases right after Donald Trump won the US presidential election. With the expectation that the US economy will recover, the US dollar strengthened. Gold is no longer an attractive safe-haven asset for investors at the moment.
Gold price continues to drop tonight
The downward trend in global gold prices has also caused domestic gold prices to fall. This evening, SJC gold bars were bought and sold by SJC Company at VND 80 million per tael and VND 83.5 million per tael, respectively, stable compared to the morning session. However, some other companies adjusted the buying and selling prices of SJC gold bars down to VND 80 million per tael and VND 82.9 million per tael, respectively, which is VND 600,000 lower than the price offered by SJC Company.
The plain gold ring was traded at around VND 79 million per tael for buying and VND 81.7 million per tael for selling, unchanged from the morning session.
Compared to the all-time high, the SJC gold bar price has decreased by about VND 7 million per tael, while the plain gold ring price has dropped more sharply by approximately VND 8 million per tael.
Currently, the global gold price converted according to the listed exchange rate is about VND 78.6 million per tael.
The Golden Opportunity: “Rings of Fortune: A Glittering Investment”
This morning (November 17th), gold ring prices continued to surge. Many gold businesses are once again limiting the number of sales per day, and some have even sold out of gold rings entirely.
The Golden Ring’s Price Surge: A Sudden Jump
This morning (November 16th), gold ring prices rebounded with some brands seeing increases of up to half a million VND per tael. Meanwhile, SJC gold prices remained stagnant, and USD exchange rates showed no signs of cooling off.
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The Market’s Dour Outlook on Gold Prices as “Risk-On” Assets Reign Supreme Post-Trump Victory
Last week’s markets were dominated by the US Presidential election, and the precious metals sector was no exception, as expected. What was surprising was the pace of the volatility and the aggressive sell-off in gold, which has left market participants pondering the yellow metal’s future direction.
Gold Plummets, Panic-Selling Ensues as Investors Fear Further Losses
The domestic gold price on November 7th witnessed a massive drop of 4-5 million VND per tael, causing panic among the people. Many rushed to sell their gold, but they were met with an unexpected outcome.
