Led by developments of the US election, local gold price saw significant reverse while VND/USD exchange rate dipped.

Despite opening the trading day with a marginal fall compared to November 8, the local gold price reversed to rise 2.08% when the election result revealed Donald Trump’s higher winning chance.

In particular, gold spot price dipped by some VND20,000 (US$0.91) per ounce to VND28.37 million ($128,955) per ounce at 8am (local time), then soaring and peaking up at VND29.8 million (US$135,454) per ounce at noon – the time when US President candidate Donald Trump hold a clearLY advantage position. 

Gold price went down from its aforementioned peak, to just over VND29 million (US$131,818) per ounce at 16pm. 

The US’s official result came out at 15pm. At that time, spot gold price increased by 2.5% in comparison with the November 8’s closing price of VND28,500 (US$1.29) per ounce.

SJC gold price, both selling and buying sides, dipped VND24,884 (US$1.13) per ounce at first, before the selling price sharply increased by  VND721,656 (US$32.8) per ounce.

Also, the State Bank of Vietnam lowered the daily-adjusted central rate of currency exchange by VND400 to the level of VND22,025 (US$1) per US$.

VIR