Gold prices fell on Friday due to pressure from the US dollar, although expectations of further interest rate cuts somewhat prevented the decline, experts said.
Gold prices were also affected by the strong rise of the US dollar this week after Mr. Trump was elected president. However, the US dollar cooled from a four-month high on Thursday (November 7), after the US Federal Reserve (Fed) cut interest rates and signaled plans to further loosen monetary policy.
World gold prices continue to fall. (Illustration photo)
Thus, last week the gold market marked its sharpest decline since May.
The world gold price hit a record of 2,801.8 USD/ounce last week. After several adjustments, the December gold futures price decreased by 1.98% compared to the end of last week.
At the end of the week, the world gold price traded at 2,683 USD/ounce. The December 2024 gold futures price traded at 2,694 USD/ounce.
According to economic experts, the Fed's 25 basis point interest rate cut, combined with the US presidential election and the strengthening USD... are the main factors affecting gold prices.
The highlight of last week was that Republican candidate Donald Trump won the next US presidential election.
Immediately after the news that Republican candidate Donald Trump won the US presidential election, the Fed cut interest rates by 0.25 percentage points, further easing monetary policy as inflation in the world's largest economy continues to cool.
Following the Fed's decision, a series of other major central banks also moved to adjust interest rates.
Joe Cavatoni, senior market strategist at the World Gold Council, analyzed that right after the election, the US deficit is more concerned than ever, international traders, organizations and central banks are all looking to the US, watching what the Trump administration does to impact the debt.
Cavatoni said global gold demand was affected by the rate of depreciation of the US dollar. Gold fell sharply as soon as the world knew that Donald Trump would be the next president.
Gold price movements today
+ Domestic gold price
At 6:00 a.m. on November 10, the price of gold bars at Doji was VND 83,350 million/tael for buying and VND 85,150 million/tael for selling.
SJC gold price is listed at 83.3-85.8 million VND/tael for buying and selling. Compared to yesterday, SJC gold bar price increased by 300 thousand VND/tael (buying) and decreased by 200 thousand VND/tael (selling).
Meanwhile, the price of SJC gold rings, type 1-5, is listed at only 82-84.8 million VND/tael (buy - sell).
At Doji, the buying and selling price of gold rings of type 1-5 is only 83.35-85.15 million VND/tael.
+ International gold price
World gold price listed on Kitco is at 2,683 USD/ounce, down 5.2 USD/ounce compared to early this morning.
Gold futures last traded at $2,691.8 an ounce, down $21.5 from early yesterday morning.
Gold Price Forecast
Commenting on the price of gold in the coming time, Mr. Alex Kuptsikevich, senior market analyst at FxPro, said that gold fell 3% on the day of the US presidential election results. Overall, from the peak in late October compared to the recent low, this loss exceeded 5%.
Capital.com financial market analyst Kyle Rodda said that although gold is under pressure and has pulled back slightly after the recent major political event, it could still be in a long-term uptrend thanks to the support of the Fed's interest rate cuts and ongoing geopolitical tensions.
Source: https://vtcnews.vn/gia-vang-hom-nay-10-11-tiep-tuc-giam-ar906507.html
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