World gold prices plummeted, causing SJC gold bars to lose 2 million VND per tael after Donald Trump’s victory.
World gold prices plummeted after Donald Trump was re-elected as US President. At the beginning of November 7, gold prices were trading around $2,662/ounce, down $62 compared to the end of yesterday and down a total of more than $82 after one day. Even in the session of November 6 (closing at dawn on November 7, Vietnam time), gold prices dropped to $2,659/ounce. Equivalently converted, world gold is currently at VND81.7 million/tael (excluding taxes and fees).
In Vietnam, the price of SJC gold bars decreased by VND2 million in buying price and VND1.5 million in selling price. Specifically, Saigon Jewelry Company – SJC bought VND85 million/tael, sold VND87.5 million. Similarly, SJC bought 4-number-9 gold rings for VND84.4 million/tael, sold VND86.2 million, down VND2 million in buying price and down VND1.7 million in selling price. Doji Group bought VND85.1 million, sold VND86.5 million, down VND2.2 million in buying price and down VND1.9 million in selling price…
Gold prices fell to their lowest in more than three weeks as the dollar held firm, Reuters reported. Investors are closely watching the US Federal Reserve’s policy meeting, which ends today. The market is expecting the Fed to announce a 25 basis point interest rate cut after cutting 0.5 basis points in September. If there are signs that another rate cut is likely in December, gold prices could hold steady and even rise, said Zain Vawda, a market analyst at OANDA’s MarketPulse.
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Source: Vietnam Insider