Domestic gold prices drop for two consecutive days

Gold prices in the domestic market dropped for the second day in a row on February 12.

SJC-branded gold bars were sold by the Saigon Jewelry and Gem Stone Co. (SJC) and the two State-owned commercial banks - BIDV and Vietcombank - for VND90.2 million ($3,515) per tael.

The selling price reduced 1.1 million ($42.8) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, the two other State-owned commercial banks, the Agribank and Vietinbank, still kept the selling price at VND92.3 million ($3,597) per tael.

In the global market, gold prices plunged to $2,892.4 an ounce, down $6 compared to the previous day and equal to VND89.87 million per tael.

At this level, gold prices in Vietnam stand at around VND420,000 ($16.3) a tael higher than the global price.