Gold price closed at VND13.2 million a tael on May 22, which was VND300,000 lower than earlier in the morning, down by VND1.5 million from one week ago.
The unpredictable fluctuation of the precious metal badly affected the buyers’ demand for jewelry. Gold jewelry output has dropped by half and might come to a halt in the coming days.
The recent fashion of jewelry made from colorful stones, plastic and other decorative materials is another factor leading to the reduction in gold consumption.
Manufacturers of the metal have laid off 60 percent of the workforce. Some producers stop making products with the yellow stuff and turn to silver and lower grade gold to provide work for their employees.
The global price in a day dropped to US$646.3 an ounce from US$655, down by US$72, its lowest in one week.