At the end of the trading session on November 12, the domestic price of SJC 9999 gold bars was listed by SJC Company and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND80.5-84 million/tael (buy - sell), continuing to decrease by about VND1.4 million in both directions compared to the previous session.

Gold ring price has dropped unprecedentedly, up to nearly 2.7 million VND/tael for buying.

On the afternoon of November 12, Saigon Jewelry Company Limited (SJC) listed the price of 1-5 gold rings at only 79.9-82.4 million VND/tael (buy - sell), down 1.9 million VND/tael in both directions compared to the previous session. Doji listed the price of 9999 smooth round gold rings at 80.5-83.2 million VND/tael (buy - sell), down 2.65 million VND for buying and down 1.7 million VND for selling.

The world gold price in the session of November 12 at times broke the threshold of 2,600 USD/ounce after witnessing two shocking drops before and after Mr. Donald Trump won the race to the White House.

Compared to the peak of 2,789 USD/ounce recorded on the afternoon of October 30, the world gold price has decreased by nearly 6.8%.

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Gold prices continue to be under downward pressure today. Photo: MH

At 8:00 p.m. on November 12 (Vietnam time), the spot gold price on the world market today recovered slightly to $2,602/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,608/ounce.

The world gold price on the night of November 12 was about 26.1% higher (539 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 80.7 million/tael, including taxes and fees, about VND 3.3 million/tael lower than the domestic gold price as of the end of the afternoon session on November 12.

Gold prices on the international market continue to fall without a bottom in sight as the USD appreciates and there is widespread selling and short selling pressure.

Compared to October 30, the afternoon buying price of both SJC and Doji gold rings decreased by about VND8 million/tael. Doji gold rings decreased from VND88.6 million/tael (buy) to VND80.5 million/tael. SJC gold rings decreased from VND87.5 million to VND79.9 million/tael.

Gold prices fell mainly due to the continued rise of the USD after Mr. Trump won the election. The DXY index - measuring the greenback's fluctuations compared to 6 other major currencies - jumped to 105.82 points on the evening of November 12 (Vietnam time), compared to 105.4 points on the evening of November 6 and 103.7 points on the evening of November 5.

Gold fell amid a lack of strong news to stop the decline. The market faced a lot of negative news after Donald Trump was elected president.

Gold Price Forecast

Geopolitical tensions are expected to cool down under Donald Trump. The US economy will attract international capital flows. Money flows strongly into many high-risk assets such as the stock market, the cryptocurrency market, etc., thereby adding pressure on gold.

However, in the medium and long term, gold is still forecast to increase in price. Many organizations have not changed their forecast that gold will reach $3,000/ounce in 2025.

Many experts believe that Donald Trump’s public debt, inflation and extreme tax policies are likely to bring gold prices back to their old levels. After a while, many investors will be startled to realize the debt situation and the pressure of the US budget deficit. Gold will then rise again.

With the recent sharp decline, it is likely that bottom-fishing demand from the “big players” in the market will increase again. China has stopped buying gold for 6 consecutive months, but may resume buying when the price drops sharply. China, Russia and many other countries are still accelerating the process of reducing the proportion of USD reserves.

Gold prices are falling freely: Will plain rings fall to 70 million, or will they increase again? The world financial market has fluctuated strongly after Donald Trump won the election. Gold prices have fallen freely to the threshold of 2,600 USD, plain gold rings are down to 80 million VND/tael. How long will the gold price plummet and when will it increase again?