Domestic gold prices in the session of November 5 decreased quite sharply following the downward trend of world gold prices. Spot gold prices in the Asian market at times dropped to 2,725 USD/ounce.

Thus, the spot gold price on the international market has continuously decreased since the beginning of November until now, from the historical peak of 2,789 USD/ounce (equivalent to 86.4 million VND/tael) to the current level, down about 2.3%.

World gold prices have decreased, profit-taking pressure is still very large after this commodity has increased by 32-35% since the beginning of the year, currently around the historical peak of 2,730-2,790 USD/ounce compared to 2,063 USD/ounce at the end of 2023.

Profit-taking is considered an option in the context of international relations between countries as well as economic policies that can change a lot after just one election day on November 5 (ending on the morning of November 6, Vietnam time).

The risk of volatility of assets is very high, they can skyrocket or fall sharply.

With gold, the more volatile and unstable the world is, the more profitable this commodity is. However, at a time when prices are at historical peaks, the decision to sell is considered the general sentiment in the market.

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World gold prices are forecast to continue to increase but at a slower rate. Photo: Hoang Minh

After the US election, what will happen to gold prices in the next 10 days?

The question is, what will happen to gold, will it continue to increase or decrease in price after the US presidential election, in the next 10 days and in 2025? If it increases, will it increase sharply or gradually, and if it decreases, will it plummet? And what if Donald Trump comes to power, and what if America has its first female president, Kamala Harris?

Previously, many forecasts said that gold prices would continue to rise after the US election. Gold was forecast to increase following the US Federal Reserve's (Fed) interest rate cut, from a 23-year high of 5.25-5.5%/year to 4.75-5%/year from September 18 and by 2026 it will be around 3%.

Michele Schneider, chief strategist at MarketGauge, told Kitco that “gold will ultimately be the winner,” “regardless of who wins the November election, gold prices will go higher.”

In fact, US debt levels are approaching serious levels and are on an unsustainable trajectory following the recent post-Covid-19 pandemic cash injections and economic growth support.

According to experts, regardless of whether Donald Trump or Kamala Harris takes office, the new owner of the White House will continue to pump money to implement the policies committed to his voters.

For Mr. Trump, the policy is trade protection, tax cuts, especially for the super-rich, large corporations... Money will be pumped out through businesses. Meanwhile, Ms. Harris plans to "pump" money equally to "difficult" Americans and small and medium-sized businesses.

Once the money is pumped out (along with lower interest rates), gold will continue to rise in price. Many forecasts say that gold will reach $3,000/ounce in 2025.

However, gold will be under selling pressure to avoid risks before and immediately after the US election. The market will then gradually stabilize, possibly within the next 1 week - 10 days, and cash flow may then gradually return to gold when the whole world is lowering interest rates.

If Mr. Trump wins, there may be less money injected directly into the economy, and Mr. Trump may help resolve geopolitical tensions in the Middle East, Ukraine, etc. as he claims. Gold may increase more slowly.

If Harris becomes president, money could be pumped more directly and tensions in many areas may not be resolved quickly. Gold will have a faster rate of increase.

However, all of this is just a forecast, gold fluctuations also depend on the specific domestic and foreign policies of the new US president as well as the movement of cash flow between investment channels and/or asset types in the world...

In the trading session on November 5, the price of SJC gold bars was adjusted down by Saigon Jewelry Company and 4 banks Vietcombank, Vietinbank, BIDV, Agribank by 500 VND/tael in both buying and selling directions compared to the previous session, down to 87 - 89 million VND/tael respectively.

The price of plain round gold rings also decreased by about 200,000 VND. Saigon Jewelry Company listed it at 86.8-88.3 million VND/tael (buy-sell), while Doji listed it at 87.5-88.5 million VND/tael.

The 'gold price storm' is not over yet, will it jump to 3,000 USD and then plummet? The gold price has been increasing non-stop, rushing up like a storm, continuously setting new high records and is about to reach the threshold of 2,800 USD/ounce but the buying power is still strong. What is the cause of this "storm" and will there be a plummet after more than a year of continuous increase?