Domestic gold prices plunge to monthly record low

Gold prices in the domestic market on December 19 plunged to a record low this month amid the global downturn. 

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 VND84.1 million ($3,295) per tael on December 19.

One tael equals 37.5 grams, or 1.2 ounces.

The selling price dropped VND1 million ($39.1) per tael compared to the previous day.

In the global market, gold prices stood at $2,607 an ounce, equal to VND80 million per tael.

At this level, gold prices in Vietnam stand at around VND4.1 million ($160) a tael higher than the global price.