Gold prices in the domestic market reversed to plummet on March 21 after beating the VND100 million ($3,885) per tael mark.

SJC-branded gold bars were sold for between VND98.6 million ($3,830) and VNDVND99.8 million ($3,877) per tael, down from VND600,000 ($23.3) to VND1.2 million ($46.6) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

On March 20, the selling price of SJC-branded gold bars offered by the Saigon Jewelry and Gem Stone Co. (SJC) jumped to a historic record high of VND100.4 million ($3,900) per tael.

In the global market, the gold prices started the downward trend after a very sharp rally over the past weeks, dropping by 0.62% to $3,031.9 per ounce on March 21.

At this level, gold prices in Vietnam stand at around VND3.67 million ($142) a tael higher than the global price.