Vietnam SJC gold prices slide $347

The selling price of Saigon Jewelry Company (SJC) gold bars fell from late Friday levels to VND172 million per tael, while the buying price stood at VND169 million ($6,515) per tael.

Over the past two days, SJC gold prices declined a total of VND19.3 million ($744) per tael, marking their steepest two-day drop in several months. 

Prices had earlier reached a peak selling level of VND191.3 million ($7,375) per tael before falling to VND190 million ($7,325), then VND180 million ($6,939), and closing the week at VND172 million per tael.

Gold ring prices of 99.99-percent purity also declined on Saturday, with selling prices at VND171 million ($6,592) per tael and buying prices at VND168 million ($6,476) per tael, down VND9 million per tael from Friday afternoon.

Global gold prices have fallen sharply over the past two days, dropping from $5,600 per ounce to $4,889.4 per ounce, a decline of $710.6 per ounce.

Earlier in the week, global gold prices had risen rapidly from around $4,600 per ounce to $5,600 per ounce, an increase of about $1,000 per ounce.

Based on current exchange rates at commercial banks, global gold prices are equivalent to about VND153.9 million ($5,934) per tael.

At current levels, SJC gold bars are priced about VND18.1 million ($698) per tael higher than the converted global price, while 99.99-percent gold rings trade at a premium of about VND17.1 million ($659) per tael.