Gold prices in Vietnam have plunged to a four-month low as global rates tumbled amid the surge of the U.S. dollar.
The Saigon Jewelry Company (SJC) sold its gold at VND67.95 million ($2,897.03) per tael Friday afternoon, down 0.37 percent from Thursday. A tael equals 37.5 grams or 1.2 ounces.
Owner of a jewelry store in Ho Chi Minh City’s District 8, who asked not be identified, said that there has been little demand in recent days.
“Only a few customers show up each day. There are less buyers than sellers as global rates drop.”
Global gold price now stands at $1,704 per ounce, lowest since April 2021, as analysts said that investors are more interested in the gaining USD which is now at the highest in two decades.
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