Gold prices plummet down, slipping off VND60 million

Monday, 2020-08-10 11:51:18
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In the previous week, domestic gold prices exceeded VND62 million per tael, breaking previous all-time highs. (Illustrative image)
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NDO – The domestic prices of gold dropped sharply early this morning, falling off the threshold of VND60 million per tael.

At 8:30 am, Saigon Jewelry Company Limited (SJC) listed its buying and selling prices for gold in the Hanoi market at VND57.96 and VND59.94 million per tael, down VND540,000 and VND380,000 respectively compared to the prices of the past week.

Phu Nhuan Jewelry Joint Stock Company (PNJ) also announced lower prices of gold this morning at respective buying and selling prices of VND58 and VND59.5 million per tael, a decrease of VND200 million per tael for buying and down VND700 million per tael for selling.

In the previous week, the world gold prices surpassed US$2,000 per ounce for the first time while domestic gold prices also exceeded VND62 million per tael, breaking previous all-time highs.

Despite the price slowdown at the weekend, experts still forecast that prices of the precious metal will continue to soar in the near future.

Domestic gold prices rose by approximately VND2 million per tael while global gold prices went up by 2.1% in the past week.

Gold prices had rocketed for nine consecutive weeks, marking the longest chain of price increases after the price hike period in May 2006.