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.