Gold price today 11/7/2024: World gold price and gold ring price plummeted after Mr. Trump won the election

Domestic gold price today 11/7/2024

At the time of survey at 5:00 a.m. on November 7, 2024, the gold price on the trading floors of some companies was as follows:

Today, DOJI listed the price of 9999 gold at 87.35 million VND/tael for buying and 88.45 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings decreased by 150 thousand VND/tael for buying and 50 thousand VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at VND87.5-88.8 million/tael (buy - sell). Compared to yesterday, the price of SJC gold bars decreased by VND300,000/tael for buying and VND200,000/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87-89 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy in - sell out).

The latest gold price list today, November 7, 2024 is as follows:

World gold price today 11/7/2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,669.25 USD/Ounce. Today's gold price decreased by 74.86 USD/Ounce compared to yesterday. Converted according to the USD exchange rate, on the free market (25,700 VND/USD), the world gold price is about 83.63 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 5.36 million VND/tael higher than the international gold price.

Republican candidate Donald Trump became the 47th President of the United States, causing the USD to increase sharply and triggering a wave of gold sell-off.

Gold prices in the Asian and European markets in the early afternoon of November 6 (Vietnam time) dropped sharply, losing about 40 USD, at one point falling to nearly 2,700 USD/ounce. Previously, on October 30, gold prices reached a record of 2,789 USD/ounce (equivalent to 86.4 million VND/tael).

The decline in gold prices is believed to be due to the strong US dollar, which has caused many investors to take profits in gold to reduce risks, especially before and after the election. Since the beginning of the year, gold prices have increased by about 30%, from $2,063/ounce.

The dollar has appreciated as money has flowed to safe-haven assets like the dollar, while other currencies like the Japanese yen and the yuan have weakened. Investors believe that under President Donald Trump, economies will have to be more cautious about US policies.

Although Mr. Trump does not want to keep the USD strong to gain an advantage in international trade, he also does not want the US to lose the position of this currency.

In a speech on September 7 in Wisconsin, Mr. Trump announced that he would impose a 100% tax on goods from countries that do not use the USD if he is elected. This is a new measure that Mr. Trump has introduced into the tariff policy, with the aim of maintaining the important role of the USD in the international market, when many countries have started using other currencies in transactions.

In addition, concerns about deficit spending and expectations that the US Federal Reserve will ease its easing policies have also increased US Treasury yields, pushing investors away from gold – an asset that does not yield interest. In addition, the "risk-on" sentiment in the market, reflected in the sharp increase in US stock futures, shows that gold prices are on a downward trend.

The US election results have removed a major uncertainty from the market, boosting risk appetite and limiting the appeal of gold - a safe-haven asset. Meanwhile, the decline in gold prices has not been affected by concerns about Iran's retaliation for Israel's attack on its territory on October 26.

Technically, the $2,725-$2,720 zone is likely to remain as immediate strong support. If gold falls below this level, it is likely to continue to fall further, below $2,700, which has been the lower limit of the short-term uptrend channel since late July. If this level is broken, gold could fall further to the support level around $2,675, and then move towards the $2,657-$2,655 zone.

On the contrary, the $2,748-2,750 zone is currently the nearest resistance. If the price breaks through this level, the price of gold could rise to the resistance level of the uptrend channel, which is currently around the $2,780-2,785 zone. The $2,800 mark is the next important level; if broken, the price of gold could return to the previously established uptrend.

Due to the impact of world gold prices, the domestic price of 99.99 gold rings has also continuously decreased in recent days. SJC Company listed the current price of gold rings at only 86.4 million VND/tael for buying and 87.9 million VND/tael for selling, down 300,000 VND compared to the morning and down a total of 600,000 VND/tael compared to yesterday.

Compared to the peak of 89.5 million VND/tael last week, each tael of gold ring has lost more than 1.5 million VND.

Meanwhile, the price of SJC gold bars remains high, around VND87 million/tael for buying and VND89 million/tael for selling, unchanged from yesterday. This makes the price of SJC gold bars significantly different from the price of 99.99 gold rings.

Previously, some analysts predicted that if Donald Trump was elected President of the United States, the price of gold would continue to increase. However, after the election results were announced, the world gold price fell sharply, surprising many investors.

The election has drawn more attention than the Fed’s interest rate decision on Thursday. A 25 basis point cut was widely expected and is unlikely to have a major impact on gold prices, according to Commerzbank AG.

Gold Price Forecast

The US economy is expected to be stronger under President Donald Trump. However, oil prices could fall as Mr Trump plans to boost oil and gas production.

According to experts, when in power, Mr. Trump will continue to pump money to implement the policies he promised to voters. His policies include trade protectionism, tax cuts - especially for the super-rich and large corporations. Money will be pumped into the economy through businesses. When this amount of money is pumped in (combined with lower interest rates), the price of gold may continue to increase. Many forecasts say that the price of gold may reach $3,000/ounce by 2025.

However, in the short term, gold may face selling pressure to reduce risks before and immediately after the US election. After that, the market is expected to gradually stabilize, possibly within 1 week to 10 days. At that time, money flow may gradually return to gold, especially in the context of countries around the world cutting interest rates.