Tuesday , October 3 2023

Gold plummets to 8-month low

SJC’s gold price plunged by 3.1 percent to VND62.5 million (US$2,667.18) per tael Tuesday, the lowest in eight months, after recording a historic decrease Monday.

The drop was the second biggest single-day decline for the safe haven metal after the 6 percent fall Monday.

A tael equals 37.5 grams or 1.2 ounces.

Global gold prices fell to their lowest in 11 months last week as the U.S. dollar has been gaining this year amid concerns of inflation and geopolitical tensions.

But they rose by 1.1 percent Monday to $1,708.18 per ounce.

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