Gold prices drop, transactions low

World gold prices have decreased from a record high as the rates in Vietnam similarly on Wednesday morning dropped by VND190,000 to VND39.35 million per tael.

At 1pm, the price nudged up to VND39.38 million.

Transactions volumes are low as people are both reluctant to sell and buy.

On Tuesday morning, domestic gold prices skyrocketed to a VND39.57 million – a record by that time, after world prices peaked at US$1,607 per ounce.

On the global scale, according to TheStreet, gold prices pulled back after breaking $1,600 an ounce on Monday as concerns that the market had gotten too long in recent weeks came to the forefront.

Gold for August delivery fell $19 to $1,583 an ounce at the Comex division of the New York Mercantile Exchange. The yellow bullion reached as high as $1,610.70 an ounce and $1,582.70 on the lower end. Meanwhile, the spot gold price was down by $21, according to Kitco's gold index, TheStreet reported.

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