Gold plunges sharply

Following a sharp decline in the global gold price, the price of gold in Vietnam fell by VND400,000 per tael compared to the previous day on September 22.
Saigon Jewelry Company listed the price at VND55.7 million per tael for buying and VND56.17 million per tael for selling at 5 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Company quoted SJC gold at VND55.83 million per tael for buying and VND56.2 million per tael for selling.

On the global market, the price of gold continued to retreat to US$1,903.1 an ounce at 4 p.m. Vietnamese time. Thus, the world gold price has lost by nearly $50 an ounce, equivalent to a drop of VND1.5 million per tael, whereas the domestic gold price only decreased by less than one-third of the decrease in the global gold price. This price, after conversion, is equivalent to VND53.4 million per tael, about VND3 million per tael lower than the SJC gold price.

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