Illustrative image (Photo: VNA)

Hanoi - Vietnam’s gold prices saw a historic one-day fall on July 18, going down by 4 million VND (170 USD) a tael.

The Saigon Jewelry Company (SJC) sold its gold at 64 million VND on July 18 afternoon, down almost 6 percent from the weekend. A tael equals 37.5 grams or 1.2 ounces.

The gold prices were down on dollar appreciation, with investors selling assets, including gold, to buy the greenback, said Chairman Tran Thanh Hai of SJC Phu Tho.

Strong selling pressure following an announcement by the central bank on looking at the possibility of reducing SJC’s monopoly on gold saw people sell gold bullion and stockpile gold jewelry.

Currently, a tael of gold bullion and jewelry in Vietnam costs 17.5 VND and 5 million VND more than global prices, respectively.

Hai expected prices to fall further the next few days, tracking drops in the London and Chicago exchanges.

"Prices may fall below the 1,700 USD threshold [per ounce]," he added.