Gold prices tumble

Gold ring price dropped 1.58% to VND74.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

The State Bank of Vietnam is set to auction 16,800 taels of SJC gold to businesses Tuesday for the first time in 11 years. Prices start at VND80.7 million per tael, 1.7% lower than market rates.

Globally gold price extends correction early Tuesday as the Middle East's woes abate, and the pullback in its price could be attributed to profit-taking, financial data platform FXStreet said.

It was down 0.96% at $2,304.50 at the time of publishing.