Domestic gold price drops after hitting historic high

Gold prices in the domestic market reversed to plummet on April 1 afternoon after skyrocketing to a historic high in the morning session.

The SJC-branded gold bars were sold by the Saigon Jewelry and Gem Stone Co. (SJC) for VND102.1 million ($3,876) per tael, dropping by VND500,000 ($19.3) per tael compared to the morning session.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, in the global market, the gold price hit $3131.9 per ounce on April 1, increasing by $10.7 per ounce compared to the previous day.

At this level, gold prices in Vietnam stand at around VND3.6 million ($139) a tael higher than the global price.