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Vietnam gold price plummets on new State Bank price strategy

The price of gold in Vietnam has plummeted in the last few days after the State Bank announced it would start selling gold through four majority state-owned banks. This is as opposed to through gold auctions of which a series have been held but with barely a fraction of the gold on offer being sold.

Gold was trading at US$2,684.20 per troy ounce in Vietnam on Saturday. Conversely, on the world market gold trading at US$2,327.36. The difference of US$356.84 or 13.29 percent is markedly lower than it was earlier this year when gold in Vietnam topped US$2,910.58 per troy ounce which was, at the time, about 20 percent higher than the world gold price.

See also: The Gold Price in Vietnam: Explained 2024

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