HCMC - Gold prices in Vietnam dropped sharply this morning, May 29, with some jewelry firms cutting the selling price of SJC gold bars by up to VND1.5 million per tael to VND117.2 million.

At around 9:30 a.m., Saigon Jewelry Company (SJC) revised gold bar prices down by VND1.2 million to VND115 million per tael for buying and VND117.5 million per tael for selling. Other dealers such as Bao Tin Minh Chau and PNJ also quoted similar buying and selling prices for SJC gold bars. The spread between buying and selling prices remains at VND2.5 million per tael. At Phu Quy Jewelry, gold prices dropped by VND1.7 million per tael on the buying side and VND1.2 million on the selling side, with prices quoted around VND114 million for buying and VND117.5 million for selling. The buying-selling spread has widened to VND3.5 million per tael. Gold ring prices also saw steep declines, with some firms reporting drops of up to VND1.4 million per tael. At SJC, the buying price of gold rings fell by VND1.3 million and the selling price by VND1 million, now quoted at VND110 million for buying and VND113 million per tael for selling. At PNJ, gold ring prices were also quoted around VND110 million for buying and VND113 million per tael for selling, down sharply by VND1.3 million and VND1.4 million, respectively. On the global market, gold prices extended their losing streak for a fourth consecutive day as the U.S. dollar strengthened. During the morning session on May 29, spot gold prices at one point dropped by as much as 1.1% to US$3,245.5 per ounce, after a 2% decline over the previous three sessions.