Gold prices plunge from historic peak

By Dat Nguyen   March 9, 2022 | 11:48 pm PT
Gold prices plunge from historic peak
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices plunged Thursday after a gaining streak since the end of last month as global rates dropped.

State-owned Saigon Jewelry Company (SJC) sold its gold at VND68.1 million ($2,981.28) per tael, down 4.49 percent from Wednesday. A tael equals 37.5 grams or 1.2 ounces.

DOJI sold its gold at VND68 million, down 3.68 percent.

This means within the last two days gold prices have dropped by 8 percent from its historic peak of VND74.4 million.

Globally spot gold fell 0.8 percent to $1,975.69 per ounce Thursday as U.S. Treasury yields rose while investors opted for riskier assets amid a retreat in oil prices after the United Arab Emirates said it would help increase oil production, making safe-haven bullion less appealing.

Vietnam was Southeast Asia’s largest gold bullion and coin market last year and among the top 10 globally.

The demand in the country exceeded 31.1 metric tons compared to 28.7 tons in Thailand and 19.8 tons in Indonesia, according to the World Gold Council.

Gold continued to be the top asset class for 72 percent of Vietnamese investors, the WGC said citing a study of 2,000 investors last year.

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