Gold prices fell to below VND43 million (USD2,060) per tael on the afternoon of April 16, marking the lowest rate since the beginning of this year.
Gold prices fell to below VND43 million (USD2,060) per tael on the afternoon of April 16
The price decline reflects a fall in the international price of gold.
At 2pm on the same day, SJC Hanoi Jewellery Joint Stock Company lowered gold prices to between VND42.75 million and VND43.06 million (USD2,048-USD2,063) per tael.
The fall in prices were sudden and sharp, decreasing by VND380,000 (USD18.2) per tael in buying price and a decrease of VND190,000 (USD9.1) per tael in selling price in one day.
Hanoi-based Bao Tin Minh Chau Jewellery Company also cut its gold prices by about VND 300,000 per tael.
In HCM City, the situation was much the same, where prices fell to less than VND43 million per tael. SJC gold prices were down to only between VND42.72 million and VND42.92 million (USD2,046-USD2,056) per tael.
According to www.kitco.com, world gold prices fell about USD14 an ounce on the afternoon of April 16.
Still, gold values in Vietnam remained higher than in the world market.
Gold traders forecast that the domestic gold prices will continue to fall in following days.
In the world market, due to the increase in the value of USD, gold prices fell dramatically last weekend, to USD1,657.5 per ounce.
On the morning of April 16, gold prices in Asian marketst were down USD7.4 to USD1,651.1 USD per ounce.
Currently, world gold prices are fluctuating between USD1,630 and USD1,680 per ounce, due to a third round of quantitative easing by the US Federal Reserve.
