Gold drops to 5-week low

Saigon Jewelry Company (SJC) sold bullion at VND69.25 million per tael Monday, down 0.39 percent from Sunday. A tael equals 37.5 grams or 1.2 ounces.

DOJI sold at VND68.9 million, down 1.01 percent.

It meant prices had fallen by 6.76 percent, or VND5.2 million a tael, since scaling a historic peak in March.

Global spot gold dropped by 1 percent to $1,793.12 per ounce Monday afternoon, but then bounced back to above $1,825 by Tuesday morning.

Gold prices in Vietnam are 27 percent higher than global rates.

Tran Minh Toi, a gold seller in HCMC’s District 8, said prices fell on higher U.S. dollar and bond yields.

It is unlikely that prices will return to the previous peak of VND74.4 million in the medium term, unless the conflict in Ukraine escalates, he said.