Gold prices fall badly in the market on December 1.— Photo bidnessetc.com

HA NOI (Biz Hub) — Gold prices fell more than US$38 per ounce in the world market, while the local gold prices in Viet Nam also slid nearly $7 per ounce on December 1.

On the global gold trading floor kitco.com, gold prices fell by $38.3, or two per cent per ounce, to stand at $1,151.5 per ounce or $1,386 per tael.

According to Reuters.com, the fall in gold prices comes just after the metal had recovered modestly from its drop to four-year lows a month ago. Analysts had warned that the rally could be temporary and the prices could drop even further before the end of the year.

At the same time, in Ha Noi, each tael of the state-owned gold brand SJC lost 130,000 (US$6.1) and was sold at VND34.99 million ($1,642) at the Doji Gold and Gems Group. One tael is equivalent to 1.205 ounces.

Thus, each tael of gold in Viet Nam was priced $256 higher than that in the world market.

The US dollar rates stayed unchanged in most commercial banks. Vietcombank, BIDV and VietinBank, besides ACB, bought the dollar at rates between VND21,380 and VND21,390, and sold it at rates between VND21,405 and VND21,410 respectively.

However, the rates were much higher in the flea market, where the US dollar's buying and selling rates were VND21,550 and VND21,520 respectively.

On its website sbv.gov.vn, the State Bank of Viet Nam (SBV) maintained the US dollar's exchange rate at the June 19 rate of VND21,246. The SBV also set the US dollar rate ceiling at VND21,458.50, which commercial banks were allowed to apply as an effective exchange rate with a one-per-cent margin.— VNS