According to records this afternoon (November 7), gold prices on the market continued to decline sharply, in which SJC Phu Quy gold in particular decreased by 4.4 million VND/tael compared to November 6.

Gold prices are listed specifically as follows:

SJC gold in Hanoi and Da Nang: 84 million VND/tael for buying (down 4 million VND compared to November 6), 87 million VND/tael for selling (down 2 million VND compared to November 6)

SJC Phu Quy Gold: 82.5 million VND/tael for buying; 86.5 million VND/tael for selling. Decrease of 4.4 million VND/tael for buying and 2.5 million VND/tael for selling compared to November 6.

DOJI Gold in Hanoi and Ho Chi Minh City: 83 million VND/tael for buying, 87 million VND/tael for selling. Price reduction of 4 million VND and 2 million VND/tael for buying and selling compared to November 6.

Illustration photo / Vietnam+

The price of SJC gold bars at Bao Tin Minh Chau Company Limited was traded by the enterprise at 82.8 million VND/tael for buying, 86.5 million VND/tael for selling (down 4.2 million VND/tael for buying and 2.5 million VND/tael for selling). The enterprise traded plain round gold rings at 81.38 million VND/tael for buying, 83.88 million VND/tael for selling.

PNJ gold in Ho Chi Minh City and PNJ gold in Hanoi: 83 million VND/tael for buying (down 4 million VND/tael), 84.5 million VND/tael for selling (down 3.7 million VND/tael).

Thus, the domestic price of gold bars and gold rings decreased sharply due to the influence of forecasts from the international market.

Gold prices in the international market plummeted as defensive sentiment increased after Donald Trump won the US presidential election. Geopolitical tensions are expected to decrease. Domestically, gold rings continued to fall, SJC gold 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, aiming at both Russia and Ukraine to make concessions to end the armed conflict between the two sides.

In his victory message early on November 6 (local time), Mr. Trump affirmed that he would stop all wars taking place globally.

Source: People's Army Newspaper