Domestic gold prices plunge after hitting all-time high

VOV.VN - After skyrocketing to VND74.2 million per tael on March 8 morning, domestic gold prices tumbled sharply to VND72.5 million just in two hours.

At 11 am DOJI Gold and Gems Group was listing each tael of its SJC gold bar at VND71 million and VND73 million per tael for buying and selling, respectively, seeing declines of VND1 million and VND1.3 million for buying and selling prices.   

Meanwhile, the Saigon Jewelry Company (SJC) was buying its gold at VND72 million per tael and selling at VND73.6 million per tael, marking an increase of VND400,000 per tael compared to the trading session hours earlier.

Earlier in the morning, the prices of gold bar were traded at VND74.2 million per tael in both Hanoi and Ho Chi Minh City.

In the global market, gold prices hovered at approximately US$1,986.2 an ounce on March 8, a decline of US$14.1 per ounce compared to March 7.

The gold prices are equivalent to VND55.01 million per tael when converted to the local currency, or VND18.39 million per tael lower than SJC gold prices recorded at the same time.

In terms of the local forex market, the State Bank of Vietnam also moved to adjust the exchange rate of major foreign currencies, with US$1 now exchanged for VND22,990.

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