Gold price on November 13: Evaporated more than 1 million VND

Gold price today, November 13, ended the sessions of serious decline after the price increase on November 9. In summary, after more than 3 sessions of decline, gold price evaporated more than 1 million VND/tael.

Illustration photo

The gold market last week was most affected by the US presidential election. Mr. Trump's victory made the precious metal excited but then turned around and fell due to many negative news from the economy.

The cooling of the gold market after the US presidential election results seems to have had a huge impact on investor sentiment. Looking back at last week, the precious metal performed rather poorly in the early sessions of the week, increased sharply in the middle of the week and gradually cooled down towards the end of the week. The lowest buying and selling price of gold was recorded at 35.60-35.90 million VND/tael, while the highest price was listed at 36.70-37.25 million VND/tael.

Before the US presidential election, many predictions from experts made it difficult for investors to determine the trend. The waiting finally came, the final result belonged to billionaire Donald Trump after a close race with Mrs. Clinton.

In the mid-week session, the gold wave did not increase explosively as experts analyzed. At the time of "boiling water and fire", the gold price set a peak within nearly 1 week at 37.25 million VND/tael and then retreated to a lower level.

The gold market continued to be quiet at the end of the week. Gold prices of enterprises in Ho Chi Minh City are being traded at 35.55 - 35.9 million VND/tael while in Hanoi it is 35.55 - 35.92 million VND/tael. This is the third consecutive decrease of the precious metal. Since the beginning of the week, each tael of SJC gold has decreased by about 270,000 VND/tael, equivalent to 0.75% of its value.

International gold prices also fluctuated last week. At the end of the week, the precious metal continued to lose value sharply in the US session, due to the news of the election ending, causing investors to lose confidence in safe-haven assets.

This is the lowest price in the past 3 weeks when gold fell sharply to 1,218 USD/ounce. The decline of gold was further reinforced by positive economic information released in the US with the consumer confidence index.

Looking back at the past week, precious metals slipped in the first session of the week as the dollar and stocks rallied on news of Hillary Clinton's acquittal after the FBI said there were no criminal charges against Democratic presidential candidate Hillary Clinton.

In addition, the precious metal gold is also under pressure to decrease as the rate of investors betting on the FED to raise interest rates at the end of the year is increasing. Especially when the positive employment figures from the non-agricultural report released last week also supported this.

And the final result was that the new president of the United States was Donald Trump, which created huge shocks for the market and raised concerns about the newly elected president's policy path.

Doji's market survey commented that the market's ups and downs over the past week have caused each investor to have many different emotions. These sentiments seem to have caused the market to lack investor enthusiasm over the past week.

According to Vietnamnet