Domestic gold prices drop after bouncing back
The selling prices of SJC-branded gold bars down VND700,000 ($27.4) per tael on December 13.
Gold prices in the domestic market reversed to plummet on December 13 in line with the global downturn after bouncing back in three consecutive days.
SJC-branded gold bars were sold by the Saigon Jewelry and Gem Stone Co. (SJC) and the four State-owned commercial banks - Agribank, BIDV, Vietcombank and Vietinbank - for VND86.4 million ($3,391) per tael on December 13.
One tael equals 37.5 grams, or 1.2 ounces.
The selling price dropped VND700,000 ($27.4) compared to the previous day.
In the global market, gold prices plunged to $2,686 an ounce, down $25 compared to the previous day and equal to VND82.5 million per tael.
At this level, gold prices in Vietnam stand at around VND4.3 million ($168) a tael higher than the global price.