SJC gold price decreased by 1.5 million VND, gold ring price lost up to 2.6 million VND/tael

This morning, the price of SJC gold bars at Agribank , BIDV, Vietcombank, VietinBank and major gold and gemstone companies all dropped sharply by 1.5 VND per tael compared to yesterday's session. Accordingly, the selling price was 87.5 million VND per tael, the buying price was 2 million VND per tael lower, at 85.5 million VND per tael.

Gold market plunges after Donald Trump wins election

Similarly, after a sharp drop of 300 - 500 thousand VND/tael yesterday, gold rings continued to plummet today.

Specifically, SJC 999.9 rings decreased by another 1.4 million VND/tael, listed at 84.70 - 86.50 million VND/tael (buy - sell).

DOJI Hung Thinh Vuong rings also decreased by another 1.4 million VND/tael, at 86.00 - 87.00 million VND/tael;

Bao Tin Minh Chau plain round rings are reduced by 2.6 million VND/tael for buying and 2.4 million VND/tael for selling, listed at 84.63 - 86.23 million VND/tael;

Similarly, Phu Quy round rings decreased by 2.6 million VND/tael for buying and 1.8 million VND/tael for selling, down to 84.30 - 86.30 million VND/tael.

Domestic gold prices plummeted as world gold prices fell sharply following the US presidential election results with Donald Trump's victory.

As of 9:00 a.m. Vietnam time, the international spot gold price was only trading around 2,655 USD/ounce, down more than 86 USD/ounce compared to the opening time of the session, equivalent to a decrease of 3.14%.

Donald Trump's victory in the US election is expected to put short-term pressure on gold prices, due to expectations of a stronger US dollar and rising bond yields.

Mr Trump has implemented policies to cut corporate taxes and government spending, while increasing import tariffs, which boosted the US dollar and reduced the attractiveness of gold. Previously, after his victory in 2016, the US dollar and US stocks rose sharply, while the price of gold fell sharply.

Also pressuring the precious metal's retreat were the rising US dollar and 10-year US Treasury yields.