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Gold prices drop after soaring to record high in Vietnam

Tuesday, February 25, 2020, 16:41 GMT+7
Gold prices drop after soaring to record high in Vietnam
Customers shop for jewelry at a gold shop in Ho Chi Minh City, Vietnam. Photo: Ngoc Phuong / Tuoi Tre

Gold prices in Vietnam have made a sudden fall after surging to a record high of VND49 million (US$2,114.4) per tael on Monday.

The rates fell to VND47.8 million ($2,064.66) per tael on Tuesday morning, as profit-taking early Tuesday left the metal at $1,646.26 an ounce on the global market.

On Monday afternoon, one tael of gold (1 teal = 37.8 grams) at Vietnam's biggest gold firm Sai Gon Jewellery Company (SJC) was traded at VND49 million per tael, an increase of VND2.1 million ($90.59) from the morning session.

Similar increases were also recorded at other large gold firms including Bao Tin Minh Chau and Doji, according to the official Vietnam News Agency.

The new prices hit the eight-year peak since the precious metal was last traded at that level in September 2011, according to Ho Chi Minh City-based gold expert Tran Thanh Hai.

Meanwhile, Reuters reported that global gold prices surged more than 2.5 percent to over seven-year highs, $2,027 per tael, on Monday as the spread of new coronavirus disease (COVID-19) outside China and its potential impact on global economic growth spurred safe haven buying.

A tael of gold in Vietnam on Monday was traded at some $100 higher than global prices.

The price hike fueled a surge of transactions in the Southeast Asian country on the same day.

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