Gold rises, dollar dips in Vietnam following Trump’s victory

November 09, 2016 | 16:40

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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 yesterday, the local gold price reversed to rise 2.08 per cent when the election result revealed Donald Trump’s higher winning chance.

In particular, gold spot price dipped by some VND20,000 ($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 ($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 ($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 per cent in comparison with the yesterday’s closing price of VND28,500 ($1.29) per ounce.

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

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