Gold prices plunge following outcome of US election

Accordingly, the morning of November 7 saw the Saigon Jewelry Company (SJC) list each tael of its SJC gold bar at VND85.5 million and VND87.5 million per tael for buying and selling, respectively, seeing a sharp decline of VND1.5 million compared to the previous trading session.

Meanwhile, the price of gold rings also experienced a decline of nearly VND2 million per tael.

The Saigon Jewelry Company witnessed the price of gold rings drop by VND1.7 million, settling at VND84.7 million and VND86.5 million per tael for buying and selling, respectively.

Similarly, PNJ Company bought and sold gold rings at VND85.6 million and VND86.9 million per tael.

Compared to the peak period of gold rings over the previous days, the price of the product plummeted by more than VND2.5 million per tael.

According to Reuters, globally gold prices touched a more than three-week low on November 7, as the US dollar strengthened after Donald Trump's win in the US presidential election.

Plenty of attention was also paid to the Federal Reserve's interest rate decision later in the day, it added.

Gold prices fell by US$100 to US$2,648 per ounce.