After two days’ continual increase in price, Saigon Jewelry Co. (SJC) gold on March 29 traded at VND10.82 million (or approximately US$680) a tael (1.3 ounces), a decline of VND60,000 over Tuesday.
Globally, the gold price was also down from US$565.8 an ounce to stop at US$563.75 the same day.
However, the domestic gold price (including customs and processing taxes) was still VND57,000 a tael lower than the world rate.
Due to many fluctuations in the domestic gold price, the sale volume of gold bars and jewelries in March is reportedly lower than that of last month.
According to James Turk, an economic expert and also the founder of the famous online banking system GoldMoney (www.goldmoney.com), the gold price could climb as high as $600 an ounce this year, caused by the fund hoarding, a weakening US dollar, and geopolitical tensions.