At noon on November 6th (Vietnam time), major global media outlets simultaneously reported that the results of the US presidential election had been finalized, with Republican candidate Donald Trump declaring victory, surpassing the necessary 270 electoral votes, thereby defeating Democratic candidate Kamala Harris to become the 47th president of the United States.

The financial market is highly volatile.

Gold prices in Asian and European markets plummeted in the early afternoon of November 6th (Vietnam time), losing approximately $40, at one point falling close to $2,700 per ounce after reaching a record high of $2,789 per ounce (equivalent to 86.4 million VND per tael) on October 30th.

Gold prices fell due to a strong US dollar, with many investors continuing to take profits to avoid risk before and immediately after the election. Gold prices had risen to a record high, about 30% since the beginning of the year, from $2,063 per ounce.

The USD is appreciating as money flows into this safe-haven asset, while many other currencies such as the Japanese yen and the Chinese yuan are plummeting. Investors believe that under President Donald Trump, many economies will have to be very cautious.

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Donald Trump defeated Kamala Harris in the November 5th election and will become the 47th president of the United States. Photo: ST

Although Trump doesn't want to maintain a strong dollar to gain an advantage in international trade, the new White House occupant also doesn't want to lose the greenback's status – America's soft power.

In a speech on September 7th at a campaign rally in the battleground state of Wisconsin, Donald Trump asserted that he would impose a 100% tariff on goods from countries that abandon the US dollar if he is elected president.

The billionaire has pledged to make America's allies or adversaries pay a heavy price if they don't use the US dollar in international transactions. This is a new cornerstone added to Trump's tariff program.

The announcement is the result of months of discussions between Trump and his economic advisers about sanctions against allies or adversaries who deliberately engage in bilateral trade using currencies other than the US dollar.

This is also happening against the backdrop of a weakening US dollar, which could fall even more sharply later this year, in 2025 and throughout 2026, as the US Federal Reserve (Fed) enters a cycle of lowering interest rates to support the economy.

Donald Trump is considering this unprecedented measure as the role of the US dollar in the international market shows signs of declining, amidst a backdrop of many allies and adversaries increasingly using other currencies in bilateral and even multilateral transactions.

Recently, many countries, including Russia, have been increasing bilateral payments in currencies other than the USD and reducing their USD-denominated reserves, instead focusing on gold and euros.

A stronger US dollar also puts pressure on gold, causing its price to fall sharply.

The cryptocurrency market also boomed after investors reacted positively to the news of Trump's election victory.

Bitcoin surged by $6,000 on the morning of November 6th (Vietnam time), reaching a record high of $75,300. By early afternoon, Bitcoin had cooled down to $74,400.

Many other cryptocurrencies also surged. Ether rose by more than 7% to surpass $2,600.

Known as a leader friendly to digital assets, Trump is more supportive of cryptocurrencies than Harris.

Asian stock markets rose sharply on positive news regarding Mr. Trump. By 2:25 PM, Japan's Nikkei 225 index was up more than 2.6%. Many other markets also rose. Chinese stocks fell slightly. The CSI 300 index declined 0.5%...

Regarding policy, according to campaign statements, Donald Trump would impose heavy tariffs on US imports and extend the cuts from his 2017 Tax Cuts and Jobs Act (TCJA), particularly the TCJA's personal income tax exemptions, while also reducing corporate taxes from 21% to 20% or 15% (potentially only applicable to domestic production).

In general, Mr. Trump's policy is trade protectionism, tax cuts, especially for the super-rich, large corporations... Money will be pumped out through businesses.

The US economy is projected to be stronger under Trump. However, oil prices may fall as Trump plans to boost oil and gas production. Trump also consistently seeks to maintain low interest rates and implement various economic support measures, so the US dollar may not strengthen excessively, and gold prices are expected to stabilize and rise. Gold prices are still projected to reach $3,000 per ounce in 2025 under Trump.

The Vietnamese stock market surged on the afternoon of November 6th. At the close, the VN-Index rose 15.52 points (+1.25%) to 1,261.28 points. Trading volume increased to 15.2 trillion VND, with nearly 14.2 trillion VND traded on the HoSE. The HNX-Index rose 1.3% to 227.76 points, and the Upcom-Index increased 0.9% to 92.71 points.
With declining signals of victory, Trump's fortune evaporates by billions of dollars; will it rise back to $10 billion? The fortune of presidential candidate Donald Trump has decreased rapidly ahead of the final stretch of the US presidential election on November 5th due to several declining indicators of his potential victory. However, if the indicators are wrong, Trump's fortune could skyrocket.