Gold price today 11/7/2024: Plunging without brakes, gold rings continuously decrease

At the end of the trading session on November 6, 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 VND87-89 million/tael (buy - sell), unchanged in both buying and selling compared to the previous session despite the world gold price plummeting.

Gold rings decreased by about 200,000-400,000 VND/tael.

On the afternoon of November 6, Saigon Jewelry Company Limited (SJC) listed the price of gold rings of type 1-5 at only 86.4-87.9 million VND/tael (buy - sell), down 400,000 VND/tael in both buying and selling. Doji listed the price of 9999 round gold rings at 87.3-88.4 million VND/tael (buy - sell), down 200,000 VND for buying and down 100,000 VND for selling.

The world gold price has just experienced a shock, falling to around 2,700 USD/ounce, after the news that 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 significantly.

World gold prices plummet. Photo: CNBC

At 8:00 p.m. on November 6 (Vietnam time), the spot price of gold today on the world market was at $2,698/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,702/ounce.

The world gold price on the night of November 6 was about 30.8% higher (635 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was VND 83.6 million/tael, including taxes and fees, about VND 5.4 million/tael lower than the domestic gold price as of the end of the afternoon session on November 6.

Gold prices in the international market plummeted as defensive sentiment increased after Donald Trump was elected US president. Geopolitical tensions are expected to ease. Domestically, gold rings continued to fall, SJC could fall sharply.

Gold prices fell mainly due to the soaring US dollar and investors' expectations that tensions in the Middle East and Ukraine will cool down. Mr. Trump is likely to issue a "peace ultimatum" card, forcing both Russia and Ukraine to make concessions to end the armed conflict between the two sides.

In his victory message on the morning of November 6, Mr. Trump affirmed that he would stop all wars taking place around the world.

The USD has been rising steadily since Mr. Trump won the election. The DXY index – which measures the greenback’s performance against six other major currencies – jumped to 105.4 points on the evening of November 6 (Vietnam time), up from 103.7 points on the evening of November 5.

Gold Price Forecast

Gold prices also fell due to previous profit-taking activities, along with short selling activities, thereby "sinking" this commodity.

Despite the sharp decline, gold is still considered to have many supporting factors in the medium and long term.

Tensions in the Middle East and Ukraine are unlikely to ease anytime soon. Mr. Trump has many commitments to fulfill. Mr. Trump will take office early next year.

The US is currently entering a rate cut cycle, with the possibility of one or two cuts this year, and several in 2025 and 2026. Interest rates will decrease by a total of about 200 basis points, from above 5% to below 3%/year.

With Trump also not liking a strong dollar, gold could be supported. Some forecasts suggest that gold will continue to rise for the rest of 2024 and into 2025.

Donald Trump declares victory: Gold price plummets, Bitcoin, USD soar In his first speech since the election ended, Donald Trump declared that he “made history”. Gold price plummeted, while Bitcoin and USD skyrocketed.

Source: https://vietnamnet.vn/gia-vang-hom-nay-7-11-2024-lao-doc-khong-phanh-vang-nhan-giam-khong-ngung-2339470.html