Gold prices keep dropping following global trend

Gold prices in the domestic market kept dropping significantly on November 14 following the global trend.

The SJC-branded gold bars were sold by the Saigon Jewelry and Germ Stone Co. (SJC) at VND83.5 million ($3,274) per tael, down VND500,000 ($19.6) compared to the previous day.

Meanwhile, gold ring price plummeted to VND81.8 million ($3,207) per tael, down VND600,000 ($23.5) against the previous day.

The SJC and the four State-owned commercial banks, namely Agribank, BIDV, Vietcombank and Vietinbank, have been allowed to sell gold to the public since June 3 as part of measures taken by the State Bank of Vietnam to stabilize the domestic gold market.

In the global market, gold fell for a fifth straight session on November 14 to $2,542 per ounce, down $30 per ounce compared to the previous session. The price is equal to VND79 million per tael.

At this level, gold prices in Vietnam are around VND4.5 million ($176) a tael higher than global price.