Business

Gold prices plunge on July 18

Vietnam’s gold prices saw a historic one-day fall on July 18, going down by 4 million VND (170 USD) a tael.
Gold prices plunge on July 18 ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) - Vietnam’s gold prices saw a historicone-day fall on July 18, going down by 4 million VND (170 USD) a tael.

TheSaigon Jewelry Company (SJC) sold its gold at 64 million VND on July 18 afternoon,down almost 6 percent from the weekend. A tael equals 37.5 grams or 1.2 ounces.

The gold prices were down on dollar appreciation, with investors sellingassets, including gold, to buy the greenback, said Chairman Tran Thanh Hai ofSJC Phu Tho.

Strongselling pressure following an announcement by the central bank on looking atthe possibility of reducing SJC’s monopoly on gold saw people sell gold bullionand stockpile gold jewelry.

Currently, a tael of gold bullion and jewelry in Vietnam costs 17.5 VND and 5million VND more than global prices, respectively.

Hai expected prices to fall further the next few days, trackingdrops in the London and Chicago exchanges.

"Prices may fall below the 1,700 USD threshold [per ounce]," headded./.
VNA
#Vietnam#gold prices#4 million VND#SJC#Vietnam#Vietnamplus#Vietnam News Agency
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