Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices fell further on Monday afternoon following a nearly 2% drop earlier in the day.
Saigon Jewelry Company gold bar price lost another 1.54% to VND166 million (US$6,378.12) per tael of 37.5 grams or 1.2 ounces.
From last Thursday’s all-time peak of VND191.3 million per tael, local bullion prices have decreased by 23% and are around VND15 million per tael higher than global rates.
Gold ring prices similarly slid to VND165.5 million per tael after losing 1.69% in the morning.
Globally, spot gold logged its sharpest one-day drop since 1983 on Friday with a fall of more than 9%, followed by a further 3.6% to $4,686.51 per ounce, Reuters reported.
U.S. gold futures for April delivery were down 0.8% at $4,707.60 per ounce
The crash in precious metals seems to have temporarily ended the record-breaking price rally that saw gold scale a record high of $5,594.82 an ounce on Thursday and silver notch an all-time peak at $121.64.
Analysts at J.P. Morgan said despite the recent volatility, they expected the rally to remain intact in the longer term.
“We remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” they said in a note.
