Gold loses more glitter

Saigon Jewelry Company (SJC), the country’s largest gold trader, Friday cut its bullion price by VND250,000 per tael to VND16.7 million (US$990).

Globally, the metal fell from $756 per ounce to $725 (a tael is equal to 37.5 grams or 1.2 ounces).

A tael of gold in Vietnam, thus, costs around VND1.9 million more than on the global market.

The Vietnam Export Import Bank explained that the US dollar is surging sharply against other currencies and oil prices have fallen, causing gold prices to dip.

Thanh Nien

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