In the last five US presidential elections, the world gold price always increased by 40-50 USD/ounce on election day and then fell sharply. Will this time be different?
Will the world gold price plummet again after the US presidential election? - Photo: NGOC PHUONG
Gold price drops half a million dong/tael
At the end of today, November 4, the world gold price increased slightly, to 2,739.3 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 84.1 million VND/tael.
Meanwhile, the price of SJC gold bars today decreased by 500,000 VND, to 89 million VND/tael. The buying price is at 87 million VND/tael.
Thus, the price of SJC gold bars has decreased by a total of 1 million VND/tael in the past few days.
Meanwhile, the selling price of 9999 gold rings sold at SJC Company also decreased by 200,000 VND/tael, to 88.7 million VND/tael, buying at 87 million VND/tael.
At Bao Tin Minh Chau Company, the selling price of gold rings decreased by 200,000 VND/tael, to 88.78 million VND/tael, buying price was 87.78 million VND/tael.
Similarly, DOJI Company also reduced the selling price of 9999 gold rings to 88.8 million VND/tael, and bought at 87.6 million VND/tael.
Compared to the converted world gold price, the domestic gold price is 4.9 million VND/tael higher. This difference tends to increase due to the sharp decrease in the world gold price. Meanwhile, the ring gold price is 4.6 million VND/tael higher than the converted world gold price.
After the US presidential election , will world gold prices plummet?
Expert Tran Duy Phuong said that this week there are two events that will have a strong impact on gold and the global financial market: the US presidential election and the US Federal Reserve (Fed) meeting. The Fed's interest rate decision will be made on Wednesday (November 6), one day after the US presidential election.
Currently, the market judges that the Fed will find it difficult to cut interest rates sharply, because inflation is at risk of rising.
The possibility that the Fed will only cut interest rates by 0.25% and make cautious statements about interest rate direction is detrimental to gold prices.
Regarding the US presidential election, if Donald Trump wins, gold and even Crypto will increase sharply. The reason is that Donald Trump wants a low interest rate environment and that is the catalyst for gold prices. Recently, gold and cryptocurrency prices have increased sharply, reflecting investors' expectations about the election results. On the contrary, if Ms. Harris wins, gold will decrease sharply.
However, in the last 5 US presidential elections, the price of gold always increased by 40-50 USD/ounce on election day and then had a series of consecutive months of price decline. Therefore, the price of gold may recover early this week before declining.
But the general trend of world gold prices is still upward, because many central banks in the world have entered a cycle of easing monetary policy. The low interest rate environment will be a factor that promotes gold prices to break out.
Bank USD price hits ceiling
Today, the State Bank increased the central exchange rate by 9 VND/USD, to 24,253 VND/USD.
With a margin of 5%, commercial banks are allowed to buy and sell USD in the range of 23,040 - 25,465 VND/USD.
After the State Bank increased the central exchange rate, banks also increased the USD selling price to the ceiling. Vietcombank listed the selling price at 25,095 - 25,465 VND/USD, a slight increase compared to the end of last week.
Similarly, BIDV and Eximbank also listed the selling price of USD at the ceiling price: 25,465 VND, the buying price was 25,110 VND/USD, fluctuating between 25,110 - 25,125 VND/USD.
Gold prices increase and decrease erraticallySource: https://tuoitre.vn/gia-vang-the-gioi-co-thoat-khoi-loi-nguyen-bau-cu-my-20241104203220171.htm
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