At closing time yesterday, both the world and local gold price unexpectedly fell.
The world gold price yesterday fell to US $736 per ounce, down US $12.5 from the previous day’s closing price.
In Viet Nam, after soaring to VND 14,300.000 per tael yesterday morning, the gold price dropped by VND 120,000 to close at VND 14,180,000 per tael.
According to a representative of the Saigon Jewelry Holding Co. (SJC), since the beginning of the year, the purchase power of gold dropped by 40 percent.
The slump in gold prices made an immediate impact on traders’ seeking funds for their business activities. At present, instead of exchanging gold for cash, most traders are mobilizing funds from other sources for fear that they will suffer losses due to an ongoing decrease in the price of gold.