Gold prices drop sharply

At 12.30 p.m., Saigon Jewelry Company (SJC) was buying the yellow metal at VND45.9 million per tael and selling it at VND46.7 million per tael, down VND700,000 against the earlier session.

The gold price lost VND2.6 million per tael versus the price early this week, the local media reported.

In Hanoi City, Doji Group quoted SJC-branded gold at VND45.9 million per tael for buying and VND46.2 million per tael for selling.

Other Hanoi-based firms bought SJC gold at VND45.8 million per tael and sold it at VND46.3 million per tael, down by VND3.5 million against the peak seen two days ago.

The global gold price stood at US$1,644 per ounce, stable compared with the Tuesday price.

Although the global gold price has seesawed over the past two days, many experts predicted that with hundreds of new coronavirus cases reported in Asia today, the possibility of the gold price soaring to US$2,000 an ounce is high.

Given the current dong-U.S. dollar exchange rate, the world gold price is some VND46.2 million per tael.

On the forex market, the price of the greenback at many local banks was lowered after two days of rising.

The dollar at local commercial banks was quoted at VND23,145 for buying and VND23,315 for selling, dropping by VND10 per U.S. dollar against the previous session.