Gold prices fell last weekend after remaining high for a week, and experts attributed the fall to the Government’s instruction on conducting a specialised inspection of the market.

Domestic gold prices increased on March 7 morning to a new record at 81.25 VND (3,290 USD) million per tael (one tael is equivalent to 1.33 ounces) for SJC gold bars and 68,8 million VND for gold rings, after global prices hit an all-time high of 2,152.09 USD per ounce a day earlier.

Stores in Ho Chi Minh City have introduced a wide range of products for International Women’s Day (March 8) and are offering promotions to attract buyers.

Local gold prices soared to hit 47.7 million VND (2,053 USD) per tael (1,703.7 USD per ounce) on March 6.

Domestic gold prices soared to an eight-year high on February 24, reaching 49.4 million VND (2,128.66 USD) per tael (1,766.4 USD per ounce).

Gold shops are stocking various products to take advantage of the huge demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year (February 25).

The domestic gold market did not show much fluctuations on June 15 after the Fed raised its prime rates, with gold prices moving around the mark 36 million VND a tael (37.5 grammes).

Domestic gold prices have dropped almost 2 million VND per tael (1 tael = 37.5 grammes) on July 7 compared to the peak one day earlier.

Gold prices went down 150,000 VND (6.7 USD) per tael or 37.5 gm in the local market on October 20 from last week's rate.