People increase gold purchases when prices fluctuate strongly

At the close of today, SJC gold price increased by nearly 800,000 VND per tael. Buying power increased during the session when the selling price increased by about 1 million VND at times.

At 5 p.m., each tael of SJC gold bar was listed by DOJI Group for sale at 36.98 million VND, an increase of nearly 800,000 VND compared to the end of yesterday. In the first half of the afternoon, each tael of gold bar was pushed up to 37.2 million VND, an increase of a million VND compared to the beginning of the day when witnessing the world price increase. The announced buying price was around 36.48 million VND.

Meanwhile, PNJ Company said it changed its price list more than 50 times today and closed the day at 36.5 - 37.1 million VND per tael.The buying and selling margin also continuously "jumped". In the morning, most businesses widened the price quite widely, around 600,000-700,000 VND per tael, and this afternoon it remained around 500,000 VND.

Gold prices experienced a volatile day.

The price continuously increased with a strong amplitude, making people feel nervous. Some started to buy, while a few sold, making today's market transactions relatively lively compared to normal days."The entire PNJ system traded about 500 taels of gold, an increase of about 40% compared to the previous days, of which the number of buyers accounted for 80%," the unit representative informed.

SJC Gold Company also recorded an increase in the number of transactions, especially when the world gold price jumped nearly 60 USD. "Perhaps due to witnessing the heat of the world gold market, many people boldly spent money to buy gold with the expectation that the price will continue to increase when Mr. Donald Trump is elected President of the United States.

Some gold shops near Ba Chieu market, Binh Thanh also recorded an increase of about 10-20% in the number of customers coming to buy. "Many people come in the afternoon to buy 2-3 taels of gold, and there are also people who come to sell when the price reaches a high level," said the gold shop owner.

In the world market, the US election results in favor of Donald Trump caused the price of gold to continuously climb, at times exceeding 1,337 USD. However, when he was officially elected President, the pessimistic mood was replaced by a calmer mentality, the number of bottom-fishing investors increased, helping the market turn around and decline. At 6:00 p.m., Hanoi time, the international gold price fell to nearly 1,300 USD, down nearly 30 USD compared to the peak set during the day.

Meanwhile, in the foreign exchange market, the USD price turned down slightly at the end of the day. Each US dollar was listed by Vietcombank at 22,290 - 22,360 VND, down 5 VND compared to yesterday. Other banks had similar prices.

Talk toPV, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, Nguyen Hoang Minh, said that anticipating the impact of the US presidential election, the agency closely monitored the gold and foreign currency markets all day on November 9.

Accordingly, the State Bank of Vietnam, City Branch, assessed that the foreign exchange market was quite stable, even the USD price decreased slightly, so it did not create pressure on the exchange rate. Regarding the gold market, this agency recorded that the transaction volume of banks and businesses increased by 30-40%. For example, SJC Gold Company, which normally buys and sells about 600-700 taels on normal days, today increased to about 1,000 taels. "However, all units met the demand and there was no speculation, jostling or queuing to buy gold like in previous periods of strong price fluctuations," said Mr. Minh.

In addition, the Deputy Director of the State Bank of Ho Chi Minh City added that in the coming days, this agency will continue to closely monitor market developments and be ready to intervene when necessary to stabilize exchange rates and gold.

According to VNE