World and domestic gold prices have been falling steadily since Donald Trump was elected US president.

Spot gold prices fell from a historic peak of $2,789 an ounce on October 30 to $2,750 an ounce on November 5.

On November 6, after the news that Donald Trump had officially won the US presidential election, the price of gold fell steadily, at one point falling to nearly $2,640/ounce. After that, the price of gold continued to fall.

As of November 12, the spot gold price officially lost the 2,600 USD/ounce mark. At 5:35 p.m. on November 12 (Vietnam time), the world spot gold price was at 2,591.6 USD/ounce - the lowest level of the world gold price in nearly 2 months (since September 20 to present).

Thus, the spot gold price has decreased by 158.4 USD/ounce since Mr. Donald Trump was re-elected as US President.

Since the record high of $2,789 an ounce reached in late October, spot gold prices have fallen $197.4 an ounce.

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Gold ring prices plummet. Photo: Tam An

The world gold price has been in free fall mainly due to the strength of the USD. Along with that, the flow of money into other risky channels, such as the stock market, the cryptocurrency market,... also pushed the gold price down. Bitcoin continuously set new records as investors poured money into transactions that are expected to benefit from the upcoming Donald Trump administration.

Domestically, gold prices also plummeted following the decline in world gold prices.

The price of gold rings started to decrease on November 6, but it was not until November 7 that the price of gold rings fell to an unprecedented level. The decrease is adjusted hourly, according to the development of world gold prices.

In total, on November 7, the price of gold rings of all brands decreased by 4.5-6.3 million VND per tael for buying and 4.35-4.6 million VND per tael for selling. This is the record decrease in the price of domestic gold in one day so far.

After a slight recovery in the last trading session of last week, the price of gold rings was adjusted down in the first two trading sessions of this week.

In the first trading session of the week (November 11), the price of gold rings of the brands decreased from 240,000-300,000 VND per tael for buying and 190,000-700,000 VND per tael for selling.

On November 12, the price of gold rings was adjusted down sharply, some brands decreased by more than 2 million VND/tael for buying.

At the end of the session on November 12, the price of SJC gold rings was listed at 79.9-82.4 million VND/tael (buy - sell). Compared to the price of 86.8-88.3 million VND/tael at the end of the session on November 5, the trading session before Mr. Donald Trump announced his victory as US president, the price of SJC gold rings decreased by 6.9 million VND/tael for buying and evaporated by 5.9 million VND/tael for selling.

The price of 9999 gold rings of Doji Gold and Gemstone Group closed the session on November 12 at 80.5-83.2 million VND/tael (buy - sell). Compared to the price of 87.5-88.5 million VND/tael closed the session on November 5, Doji gold rings decreased by 7 million VND/tael for buying and 5.3 million VND/tael for selling.

Similarly, the price of SJC gold bars also fell sharply after Mr. Donald Trump was elected.

At the end of the session on November 12, SJC gold bars were listed at 80.5-84 million VND/tael (buy - sell). Compared to the level of 87-89 million VND/tael at the end of the session on November 5, the price of SJC gold bars decreased by 6.5 million VND/tael for buying and decreased by 5 million VND/tael for selling.

Having "jumped" to the peak of gold prices at the historical high of 89-90 million VND/tael, many people are at risk of heavy losses when selling gold at this time.

Sharing with VietNamNet, banking and finance expert Dr. Nguyen Tri Hieu said that the gold market is strongly affected by geopolitical fluctuations in the world. If tensions continue, gold prices will increase again. The pressure on gold prices may only last for a short time.

Gold experts recommend that if people do not really need money, they should not rush to sell gold, especially at a loss, because the probability of gold prices recovering is very high.

Gold prices are falling freely: Will plain rings fall to 70 million or increase again? The world financial market has fluctuated strongly after Donald Trump won the election. Gold prices are falling freely to the threshold of 2,600 USD, plain gold rings are down to 80 million VND/tael. How long will the gold price fall and when will it increase again?