Bullion plummets below VND37 million per tael

The price of gold in Vietnam sank to VND36.92 million per tael (1.2 ounces) on November 2 as global price hit a two-week low on speculation that the US Federal Reserve would taper bond purchase.

Saigon Jewelry Company bought gold at VND36.82 million per tael and sold at VND36.92 million per tael as of 8am in Ho Chi Minh City.

Since March 2011, this is the third time that domestic bullion has dropped to below VND37 million per tael. The heavy metal fell to VND36.6 million per tael in June this year after heading south for a long time from VND48.5 million per tael set in October last year.

At the gold auction on Friday, the State Bank of Vietnam had successfully sold 14,800 taels out of 15,000 taels of gold that were put up for auction. Since March 28, the State Bank has held 68 gold auctions, injecting 1,696,300 taels of gold in the market.

Compiled by Thuy Doan

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