Gold prices in the domestic market reversed to drop on January 14 in line with the global trend after climbing to a monthly-record high in the past two days.    

SJC-branded gold bars were sold by the Saigon Jewelry and Gem Stone Co. (SJC) and the four State-owned commercial banks - Agribank, BIDV, Vietcombank and Vietinbank - for VND86.4 million ($3,391) per tael on January 14.

The selling price dropped VND400,000 ($15.6) compared to the two previous days when the price hit a monthly record high of VND86.8 million ($3,397) per tael.

One tael equals 37.5 grams, or 1.2 ounces.

In the global market, gold prices plunged to $2,670 an ounce, equal to VND82 million per tael. At this level, gold prices in Vietnam stand at around VND4.4 million ($172) a tael higher than the global price.