At the end of the trading session on November 13, the domestic price of SJC 9999 gold bars was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at VND80.5-84 million/tael (buy - sell), unchanged in both directions compared to the previous session.

Gold rings fluctuated in opposite directions, some places increased slightly in buying direction, while most places decreased in price to continue to probe the bottom.

On the afternoon of November 13, Saigon Jewelry Company Limited (SJC) listed the price of 1-5 gold rings at only 79.2-82.2 million VND/tael (buy - sell), down 200,000 VND/tael in both buying and selling compared to the previous session. Doji listed the price of 9999 round gold rings at 81.1-83.2 million VND/tael (buy - sell), up 600,000 VND in buying, and unchanged in selling.

Compared to the peak on October 30, if someone bought SJC gold rings at VND89 million/tael and now sells them at VND79.7 million/tael, they have lost VND9.3 million/tael. If someone bought Doji gold rings on October 30 at VND89.6 million and sold them at the bottom of VND80.5 million/tael, they would lose VND9.1 million/tael.

The world gold price in the session of November 13 increased slightly again but is still testing the support level of 2,600 USD/ounce, after witnessing 2 shock 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 decreased by nearly 6.5%.

At 8:00 p.m. on November 13 (Vietnam time), the spot gold price on the world market today recovered slightly to $2,609/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,615/ounce.

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Domestic gold prices drop sharply following world prices. Photo: HH

The world gold price on the night of November 13 was about 26.5% higher (546 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 81 million VND/tael, including taxes and fees, about 3 million VND/tael lower than the domestic gold price as of the end of the afternoon session on November 13.

Gold prices on the international market are still under strong selling pressure and have not been able to rebound after a rare decline. SJC gold has dropped to a low level, and the round ring has caused anyone who bought at the peak to lose about 9 million VND/tael.

In the market, bottom-fishing demand has appeared, at times pushing the spot gold price up to nearly 2,620 US/ounce. However, selling pressure is still quite strong. Concerns still prevail over a wide area in the context of developments in the US after Mr. Donald Trump won the presidential election... which can still sink this commodity.

In the medium and long term, gold is still expected to increase in price. Gold often benefits from the Fed's loose monetary policy, Mr. Trump's stronger fiscal policy, with public debt likely to increase along with extreme tax policies...

Gold Price Forecast

However, investors remain cautious about Donald Trump’s foreign policy commitments for now. Gold often falls sharply when geopolitical tensions ease.

Mr. Trump is currently only building his cabinet for the new term (starting January 20 next year). But each of his statements and declarations related to Ukraine, the Middle East, etc. can also affect market sentiment.

Previously, Mr. Trump pledged to end wars and conflicts. Mr. Trump could put economic and financial pressure on the EU, NATO and energy pressure on Russia..., thereby ending the conflict in Ukraine.

In the Middle East, a stronger Israel would also likely ease tensions in the region.

However, the reality is that conflicts in some places are historical and long-lasting. The efforts of one country or one individual can only help to cool things down somewhat.

Moreover, Trump’s economic policies could also cause commodity prices to rise (if energy costs do not fall sufficiently). Countries are also racing to lower interest rates and/or pump money into the economy to spur growth. As the world enters a new inflationary cycle, gold will be a beneficiary.

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?