Gold prices slide sharply

Though the prices of gold were decreasing drastically in the global market,  its prices in Vietnam yesterday  were down moderately.

Yet the prices of gold in the Southeast Asian also  felt down under VND33 million per tael. . In Vietnam, gold is sold in taels, each of which is equivalent to 37.5 grams, or 1.21 troy ounces.

By end of yesterday afternoon, in Ho Chi Minh City, Saigon Jewelry Co. (SJC), the country’s biggest gold trader, the bid and ask prices of gold bullion produced by Saigon Jewelry Co (SJC) were VND32.9 million (US$1,508) per tael and VND33.2 million per tael (US$1,521), down by VND100,000 per tael compared to last Saturday.

Meantime, the prices of gold in the Asian market were down to US$1,108 an ounce, a decrease of US$26.3 an ounce.

The gap between Vietnamese and global gold prices thus was VND3.8 million ($174) a tael.

By staff writer - Translated by Uyen Phuong

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