At noon on November 6 (Vietnam time), major media outlets around the world simultaneously reported that the US presidential election results had been finalized, with Republican candidate Donald Trump declaring victory, surpassing the necessary threshold of 270 electoral votes, thereby defeating Democratic candidate Kamala Harris to become the 47th president of the United States.

The financial market is very volatile.

Gold prices in the Asian and European markets in the early afternoon of November 6 (Vietnam time) plummeted, losing about 40 USD, at times approaching the threshold of 2,700 USD/ounce after reaching a record of 2,789 USD/ounce (equivalent to 86.4 million VND/tael) on October 30.

Gold prices fell as the US dollar strengthened, with many investors continuing to take profits in gold to avoid risks before and immediately after the election. Gold prices have increased by a record 30% since the beginning of the year, from $2,063/ounce.

The USD has risen in value as money flows into this safe-haven asset, while many other currencies such as the Japanese yen and the yuan have plunged. Investors believe that under President Donald Trump, many economies will have to be very "cautious".

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Donald Trump defeated Kamala Harris in the November 5 election to become the 47th president of the United States. Photo: ST

Even though Mr. Trump does not want to maintain a strong USD to gain an advantage in international trade, the new White House owner also does not want to lose the position of the greenback - America's soft power.

In a speech on September 7 at a campaign rally in the battleground state of Wisconsin, Mr. Donald Trump affirmed that he would impose a 100% tax on goods from countries that abandon the US dollar if he is elected US president.

The billionaire has pledged to make America’s allies or rivals pay a heavy price for not using the dollar in international transactions, a new pillar of Mr. Trump’s tariff program.

The announcement comes after months of discussions between Trump and his economic advisers about sanctions against allies or rivals who engage in bilateral trade in currencies other than the US dollar.

It also comes as the US dollar is weakening and could fall further later this year, in 2025 and into 2026, as the US Federal Reserve (Fed) enters a cycle of cutting interest rates to support the economy.

Mr. Donald Trump is considering this unprecedented measure when the role of the USD in the international market shows signs of decreasing in the context of many allies and opponents increasingly using other currencies in bilateral and even multilateral transactions.

Recently, many countries, including Russia, have promoted bilateral payments in currencies other than the USD and reduced reserve assets in USD, replacing them with gold and euros.

A stronger US dollar also put pressure on gold, causing prices to fall sharply.

The cryptocurrency market also exploded after investors welcomed the signal of Mr. Trump's election victory.

Bitcoin increased by $6,000 on the morning of November 6 (Vietnam time), setting a record of $75,300. By early afternoon, Bitcoin had cooled down to $74,400.

Many other cryptocurrencies also rose sharply. Ether increased by more than 7% to surpass $2,600.

Known as a leader friendly to digital assets, Mr. Trump is more supportive of cryptocurrencies than Ms. Harris.

Asian stock markets rose sharply on positive news about Mr. Trump. By 2:25 p.m., Japan's Nikkei 225 index had increased by more than 2.6%. Many other markets also rose. Chinese stocks fell slightly. The CSI 300 index fell by 0.5%...

In terms of policy, according to his campaign statements, Donald Trump would impose heavy tariffs on imports into the US and extend the cuts from his 2017 Tax Cuts and Jobs Act (TCJA), especially the TCJA’s personal income tax exemptions, while reducing the corporate tax rate from 21% to 20% or 15% (likely only applicable to domestic production).

In general, Mr. Trump's policy is trade protectionism, tax cuts, especially for the super rich, large corporations... Money will be pumped out through businesses.

The US economy is expected to be stronger under Trump. But oil prices may fall as Trump plans to boost oil and gas production. Trump also wants to keep interest rates low and has many economic support measures, so the US dollar may not be too strong, gold will stabilize and increase in price. Gold prices are still expected to reach $3,000/ounce in 2025 under Trump.

The Vietnamese stock market increased sharply on the afternoon of November 6. At the end of the session, the VN-Index increased by 15.52 points (+1.25%) to 1,261.28 points. Liquidity increased to 15.2 trillion VND, including nearly 14.2 trillion VND on HoSE. The HNX-Index increased by 1.3% to 227.76 points. The Upcom-Index increased by 0.9% to 92.71 points.
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