The gold prices in the domestic market started to drop on July 24 after increasing to a three-month high on the previous day.

The SJC-branded gold bars were sold at VND121.7 million ($4,627) per tael, down VND1 million ($38) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

The selling price of gold rings in the domestic market also experienced downward trend, falling VND500,000 ($19) per tael to VND117.5 million ($4,467) per tael.

In the global market, the gold price continued the downward trend, declining by nearly 7% to $3,365 per ounce. At this level, gold prices in Vietnam stand at around VND13.82 million ($525) a tael higher than the global price.