The price of gold in local and global markets continued to suffer a sharp decrease on August 12 following an announcement on Russia's progress in developing a novel coronavirus vaccine.

The opening trading session of the day began with one tael of SJC gold at the Saigon Gold, Silver and Gemstone joint stock company being purchased for VND53.58 million per tael whilst being sold at VND55.48 million per tael, marking no changes from the previous day. The difference between the buying and selling prices is VND1.9 million per tael.

Simultaneously, the DOJI Gold and Gems Group was asking for between VND51.6 million for buying and VND53 million for selling per tael, representing a decline of VND1.9 million and VND2.65 million, respectively, from the previous session on August 11.

Elsewhere, the Bao Tin Minh Chau gold firm listed its prices for the precious metal at noon at VND48.98 million and VND52.38 million, respectively, for buying and selling. 

The recent fluctuations occurring in domestic gold prices can be largely be attributed to the impact of the global gold market which has seen gold prices suffer a significant decline by US$66.5 to US$1,921.7 per ounce during the opening session of August 12.