At 3 pm on November 6, right after the results of the US Presidential election were announced with a victory for Mr. Donald Trump, gold prices took an unexpected turn.
Many investors reported that gold prices were “plummeting” as the precious metal dropped more than $20 per ounce on the international market, falling to $2,724 per ounce.
Gold prices declined sharply after staying at a high level of around $2,740 – $2,745 per ounce for several days. The pressure to take profits also emerged as gold prices reversed and plunged.
Affected by global prices, the price of 99.99 gold rings also continued to fall in recent days. SJC Company listed the buying price of gold rings at 86.4 million VND per tael and the selling price at 87.9 million VND per tael, a decrease of 300,000 VND compared to the morning and a total decrease of up to 600,000 VND per tael compared to yesterday.
Gold ring prices unexpectedly dropped in the afternoon
If calculated from the highest point of the gold ring price, which was at the level of 89.5 million VND per tael last week, each tael of gold rings has “evaporated” by more than 1.5 million VND.
There was also a gap in gold ring prices among businesses, with PNJ Company selling gold rings at 88.2 million VND per tael, DOJI at a higher level of 88.45 million VND per tael, and Mi Hong Company selling at 88 million VND per tael…
Meanwhile, SJC gold bar prices remained high at around 87 million VND per tael for buying and 89 million VND per tael for selling, unchanged from yesterday. This development has caused SJC gold bar prices to surpass 99.99 gold ring prices.
Previously, some analysts predicted that if Donald Trump became the US President, gold prices would continue to rise, but the opposite happened after the election results were announced. Many investors expressed surprise at the sharp drop in global gold prices.
Gold ring prices drop below the 88 million VND per tael 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 possible decline of up to $100 – $200 per ounce. However, Mr. Trump’s policy of maintaining low-interest rates will put pressure on the Federal Reserve (Fed) to cut rates faster, thereby benefiting gold prices.
“Mr. Trump’s policy is to impose high tariffs on other countries, especially on goods from China, so gold prices are also expected to be supported to move higher.
Therefore, gold prices may decline in the short term but will continue to show an upward trend in the long run,” Mr. Phuong forecast.
Currently, the global gold price converted according to the listed exchange rate is around 83.5 million VND per tael.
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