Gap between domestic and global gold prices drops

The gap between the domestic and global gold prices has been narrowed down, hitting the lowest level on May 28 since early this month.

In the domestic market, the SJC-branded gold bars were offered at VND118.3 million ($4,532) per tael for selling, up VND300,000 ($11.49) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, in the global market, the gold price on May 28 slightly rose to $3,318.9 per ounce.

At this level, gold prices are around VND12.63 million ($484) a tael higher than the global price, the lowest level in May. 

Since mid-April this year, the difference between the domestic and global gold prices started to soar strongly and reached a pick in mid-May at VND19 million ($728) per tael. It then started to drop gradually from May 16.