Gold prices, both globally and domestically, have been plummeting since Donald Trump was elected president of the United States.

The spot price of gold, which had reached a historical high of $2,789 per ounce on October 30, fell to $2,750 per ounce on November 5.

On November 6th, after news broke that Donald Trump had officially won the US presidential election, the price of gold plummeted, at one point falling to nearly $2,640 per ounce. After that, the price of gold continued to decline.

By November 12th, the spot gold price officially fell below the $2,600/ounce mark. At 5:35 PM on November 12th (Vietnam time), the spot price of gold was $2,591.6/ounce - the lowest price for gold in nearly two months (since September 20th).

Thus, the spot price of gold has fallen by $158.4 per ounce since Donald Trump's re-election as US President.

Since hitting a record high of $2,789 per ounce at the end of October, the spot price of gold has fallen by $197.4 per ounce.

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Gold ring prices plummet. Photo: Tam An

Global gold prices are plummeting, primarily due to the strength of the US dollar. Alongside this, the influx of money into other riskier markets, such as stocks and cryptocurrencies, is also dragging gold prices down. Bitcoin is continuously setting new records as investors pour money into transactions believed to benefit from the upcoming Donald Trump administration.

Domestically, gold prices also plummeted in line with the decline in global gold prices.

Gold prices began to fall on November 6th, but it wasn't until November 7th that the price of gold rings experienced an unprecedented drop. The rate of decline was adjusted hourly, following the movements of global gold prices.

On November 7th, the total price of gold rings from various 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 highest single-day drop in domestic gold prices to date.

After a slight recovery in last week's trading session, the price of gold rings has been adjusted downwards in the first two trading sessions of this week.

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

On November 12th, the price of gold rings was again adjusted sharply downwards, with some brands dropping by more than 2 million VND/ounce for the buying price.

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

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

Similarly, the price of SJC gold bars also fell sharply after Donald Trump's election victory.

At the close of trading on November 12th, SJC gold bars were listed at 80.5-84 million VND/ounce (buy - sell). Compared to the 87-89 million VND/ounce price at the close of trading on November 5th, the price of SJC gold bars decreased by 6.5 million VND/ounce in the buying price and 5 million VND/ounce in the selling price.

Having bought gold at its historical peak of 89-90 million VND/ounce, many people risk heavy losses if they sell their gold at this time.

Speaking to VietNamNet, banking and finance expert Dr. Nguyen Tri Hieu said that the gold market is strongly affected by geopolitical fluctuations around the world. If tensions continue, the price of gold will rise again. The pressure on gold prices may only last for a short time.

Gold experts advise that if people don't really need the money, they shouldn't rush to sell their gold, especially at a loss, because the probability of gold prices recovering is very high.

Gold prices plummet: Will plain gold rings fall to 70 million VND, or will they rise again? The global financial market is experiencing significant volatility following Donald Trump's election victory. Gold prices have fallen sharply to around $2,600, with plain gold rings dropping to 80 million VND per tael. How long will the gold price continue to fall, and when will it rise again?