Customers buy gold at Bao Tin Minh Chau Gold Firm in Ha Noi. The yellow metal's prices fluctuated in the last few days. — VNA/VNS Photo Danh Lam

Local gold prices dropped sharply after the weekend. At 10am on August 10, the prices were rated down nearly VND1 million ($43) from an hour before at VND59 million (US$2,540) per tael.

Compared to the end of last week, the prices decreased by VND1.5 million per tael.

The Saigon Gold and Jewelry Company rated each tael of SJC gold at VND57.36 million and VND58.96 million (sell-buy).

Doji Group rated down its buying price at VND57.50 million with a sales price of VND58.50 million while Phu Quy Group rated VND57.30 million on the buying side and VND59 million on the selling side for each tael of gold.

Bao Tin Minh Chau Gold Firm in Ha Noi reduced the rates of each tael lower than others at VND57 million to buy and VND58.80 million to sell.

At the beginning of last week, the local gold price increased sharply to reach their highest ever at more than VND62 million per tael on August 6. Compared to the global gold prices, each tael of gold was rated more than $216 higher.

However, later on August 6, the prices quickly turned back down. Closing last week's session, the domestic gold prices were at about VND60 million on the selling side and VND58 million on the buying side.

With nearly 20 years of experience in gold investing, Phan Dung Khanh, investment director of Maybank Kim Eng Securities, said: “There is an opportunity to buy gold when the prices are rated lower at this time, but investors should be careful watching the movement closely because the risk was very high.”

Khanh added the gap between buying and selling was nearly VND2 million now, much higher than the normal gap of VND500,000.

At the same time, on the gold exchange Kitco, prices fell $3.7 per ounce to close at $2,031 per ounce ($2,447 per tael). — VNS