World gold prices plummet before US presidential election

In just two days, the world gold price plummeted from 2,787 USD/ounce to 2,735 USD/ounce at the end of the trading week, equivalent to a decrease of 52 USD/ounce.

In just two days, world gold price dropped by 52 USD/ounce - Screenshot

SJC gold bar price falls below 90 million VND/tael

Converted according to the exchange rate listed at banks, the world gold price has decreased by 1.6 million VND/tael in the past two days and is now equivalent to only 83.93 million VND/tael.

World gold prices have fallen sharply after increasing wildly over the past three weeks with a total increase of 177 USD/ounce, equivalent to 5.43 million VND/tael.

The US presidential election will take place early next week. Analysts say that whether Donald Trump or Kamala Harris wins, concerns about the federal budget deficit will increase. Investors have sold US Treasury bonds heavily ahead of the election.

The US dollar also rose in value as the currency is playing the role of a safe investment channel in the context of the upcoming election.

Many experts predict that world gold prices will continue to fall next week, even below $2,700/ounce.

Today, November 2, SJC Company listed the selling price of gold bars at 89.5 million VND/tael, buying price at 87.5 million VND/tael.

Meanwhile, the selling price of 9999 SJC brand gold rings sold at SJC Company also decreased to 88.9 million VND/tael, buying at 87.4 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of gold rings decreased to 88.98 million VND/tael, buying price 87.98 million VND/tael.

Similarly, DOJI Company also reduced the selling price of 9999 gold rings to 89 million VND/tael, and bought at 88 million VND/tael.

Next week, will world gold prices continue to decrease?

Experts say that in the long term, the trend of gold is still upward - Photo: NGOC PHUONG

Compared to the converted world gold price, the domestic gold price is 5.57 million VND/tael higher. This difference tends to increase due to the sharp decrease in world gold price.

Meanwhile, the price of gold rings is 5.07 million VND/tael higher than the converted world gold price.

According to analysts, gold prices will continue to fluctuate unpredictably. The world gold price is likely to fall below $2,700/ounce before breaking out again.

However, in the long term, the trend of gold is still upward because there are still factors that promote gold prices such as the upcoming US presidential election, the US Federal Reserve (Fed) is about to further reduce interest rates and the war between Russia and Ukraine continues.

Global gold demand hit a record high in the third quarter of this year, driven largely by investor demand, according to the World Gold Council (WGC). Professional and institutional investors appear to be in a FOMO mood, according to the WGC.

Gold prices have risen more than 35% since the beginning of the year, and 2024 is also set to be the year with the strongest increase in gold prices since 1979.

Source: https://tuoitre.vn/gia-vang-the-gioi-lao-doc-manh-truoc-them-bau-cu-tong-thong-my-20241102212821994.htm