Domestic gold prices suffered a sharp fall on May 19 in line with the global declining trend after peaking at VND49.4 million per tael just a day earlier, a historic high.
The Saigon Gold, Silver and Gemstone joint stock company listed gold prices at VND48.55 million/tael (buying) and VND49.05 million/tael (selling) for its morning transactions, representing a decline of VND350,000 per tael from the previous day.
The DOJI Gold and Gems Group also lowered their gold prices by VND300,000/tael during morning transactions, offering a price of VND48.5 million/tael (buying) and VND48.9 million/tael (selling).
Elsewhere, the Phu Nhuan Jewellery JSC adjusted their gold prices to VND48.55 million/tael (buying) and VND48.9 million/tael, or VND450,000/tael lower than the prices during the afternoon trading session on May 18.
At the start of trading on May 19, both the Bao Tin Minh Chau Jewellery Co. Ltd and the Phu Quy Gold, Silver and Gemstone Group began to trade their gold at less than VND49 million/tael, a figure that is approximately VND500,000 lower than that of the previous day.
The fall comes after gold prices rose sharply to $1,760/ounce on international markets on May 18, forcing the price of domestic gold to peak at VND49.4 million/tael, going way above the VND49.1 million record that was set back in February.
Despite this, May 19 saw domestic gold prices fall in line with global trends, hovering at just below VND49 million/tael.
Experts believe that current Vietnamese gold prices are mirroring that of global trends.
