Gold declines by more than VND3 million per tael

The price of gold in Vietnam continued to vaporize by more than VND3 million per tael compared to the previous day to trade at nearly VND55.5 million per tael on August 11.

Saigon Jewelry Company bought gold at VND53.58 million per tael and sold at VND55.48 million per tael, a decrease of VND3.07 million per tael in buying rate and VND2.8 million per tael in selling rate at 5 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company listed SJC gold price at VND53.6 million per tael for buying, down VND2.8 million per tael, and VND55.45 million per tael for selling, down VND2.35 million per tael.

In the global market, the precious metal sank by about US$10 an ounce to trade at $2,022 an ounce. After conversion, this price level was equal to VND56.7 million per tael, higher than the domestic gold price by VND1.2 million per tael.

Thus, just in the three latest trading sessions, SJC gold has lost around VND7 million per tael compared to the highest price of nearly VND63 million per tael made on August 8. As SJC gold price has dropped steeply in a short time, from higher than the global gold price by up to VND5 million per tael last week, the domestic gold price is now more than VND1 million per tael lower than the global price.