The global prices of the precious metal dropped to US$938.30 an ounce, a drop of $16.20 from the previous day.

In Ho Chi Minh City, Saigon Jewelry sold gold at VND21.16 million a tael (1.2 ounces), VND100,000 lower than the price the previous day, and bought gold at VND20.98 million a tael, down VND130,000.

The Hanoi-based dealer, Bao Tin Minh Chau Jewelry, said gold was on sale at VND21.08 million a tael, a slump of VND140,000 a tael, and bought at VND20.98 million a tael.

The volume at gold trading floors, like ACB and VGB, remained high despite the gloom covering the gold market.

However, most investors planed to buy more gold when the prices plunged, as they feel safer with the commodity.

On the global market, gold futures for August delivery sank $21.30 an ounce, 2.2 percent, to $940.70 an ounce, its lowest price since May 19.

Meanwhile, the US dollar rose sharply after four straight days of falling compared to the Euro, as European industrial production worsened while US consumers’ positive outlook increased.

The US dollar exchange rate was fixed at VND18,021 a dollar, up VND13. The greenback exchange rate was around VND18,400-18,450 a dollar on the open market.

Source: SGGP