Gold prices in the domestic market dropped for the third consecutive day on February 28 following the global downtrend.

SJC-branded gold bars were sold by the Saigon Jewelry and Gem Stone Co. (SJC) and State-owned commercial bank Vietinbank for VND90.5 million ($3,515) per tael.

The selling price dropped VND700,000 ($27.18) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

In the global market, gold prices sank 0.54% or $15.1 an ounce to $2,860.5 an ounce. The price is equal to VND89.7 million per tael.

As a result, gold prices in Vietnam stand at around VND800,000 ($30.6) a tael higher than the global price.