Local gold prices plummet

Following the plunge of the world gold price, the local gold price dropped on September 23

As of 9 am, the bid and ask prices of gold bullion produced by Saigon Jewelry Co (SJC), Vietnam’s biggest gold refiner and trader with over 90 percent of local market share, were at VND36.850 million a tael and VND35.970 million a tael.

At the same time, the price tags for SJC gold applied at gold shops under the Hanoi-based DOJI chain, were  at VND35.91 million a tael and VND35,95 million for the bidding and asking prices.

In the world bullion market, gold price has seen its drop by US$4 per ounce at 9.45 am on September 22 ( local time), plummeting to a rate equivalent to about US$1,213.2 per ounce in New York market.

However local gold bullion was still some VND4.9 million more expensive than its international counterpart.

By Nhung Nguyen – Translated by Anh Quan

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