The gold price in the world market has decreased by 13 percent this year, causing Vietnamese to lose billions of dollars. Meanwhile, the domestic price has stayed high. The gold price in the Asian market is closer to $1,700/ounce after falling from the $1,800/ounce threshold last week. On March 2, the world price fell to $1,718/ounce, or VND48.7 million per tael, not including tax and fees, or VND7.5 million per tael lower than the domestic price. "The gold price in the world market has been decreasing rapidly, $100/ounce just within one week and $250 so far this year, or 13 percent," said Do Huu Thanh, an investor in Hanoi, adding that it was not foreseeable. According to Thanh, the gold price drop did not affect his assets, because the domestic gold price remains high, over VND56 million per tael. Thanh doesn't intend to sell gold at this moment. A finance expert estimated that total gold reserves are worth up to $20 billion. With the 13 percent decrease in the last two months, Vietnamese have lost $2.5 billion. In the world market, investment funds rushed to sell gold as the US dollar recovered and the US bond yield increased. Investors believe… Read full this story
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