Local gold prices dropped sharply today, September 26, after four consecutive days of rising prices, the local media reported.
Saigon Jewellery Company (SJC), whose SJC gold bar is the benchmark for local bullion trade, quoted the yellow metal at VND42 million per tael for buying and VND42.3 million per tael for selling, down VND300,000 compared with the previous day.
Phu Nhuan Jewellery Company (PNJ) is buying SJC gold at VND41.76 million and selling it at VND42.26 million per tael, slumping by VND320,000 against Wednesday.
Similarly, the Phu Quy gold rings of Phu Quy Group are priced at VND41.6 million per tael for buying and VND42.15 million for selling, plummeting by up to VND500,000 per tael.
Many experts said that the continuous fluctuation of domestic gold prices was attributable to unstable global gold prices.
The price of the yellow metal on the global market hovers at $1,507 per ounce, dipping $25 per ounce, or VND700,000 per tael, versus the previous session.
On the forex market, the State Bank of Vietnam today raised the central reference rate between the dong and the greenback by VND10 to VND23,155 per dollar versus the previous session.
Commercial banks have kept dollar prices unchanged in recent days, buying it at VND23,140 per US dollar and selling it at VND23,260.
https://english.thesaigontimes.vn/71622/domestic-gold-price-dips.html
