Gold prices fell sharply in the Vietnamese market in the afternoon of July 16.

One tael, or 1.205 ounces, of State-owned SJC's gold was sold for 33 million VND (1,511.3 USD), dropping 1 million VND (45.7 USD) from two days ago.

On the global gold trading website Kitco.com, the price of gold slipped 5.4 USD per ounce. Reuters.com also said the price slipped on July 16 towards the four-month low reached the previous day as the Federal Reserve's reiteration that US interest rates were likely to rise this year pushed the dollar to a six-week high.

The gap between local gold prices and the international prices was 132 USD on July 16.

Considering that gold is one of the traditional and most stable investments, the number of buyers visiting gold shops normally increases in Viet Nam when the prices are low. However, according to experts, now is not the right time to buy gold.

(Source: VNA)