While gold rates saw a plunge in the global market this week, the makers of the precious metal in Vietnam had to trim down their prices as local demands continue to weaken.

The prices of gold in the domestic market was VNĐ300,000 to VNĐ400,000 lower compared to the rating in the previous week, signifying a huge gap in buying and selling.

Vietnam’s largest gold and gold jewelry manufacturer Saigon Jewelry Company Limited (SJC) now sells its yellow metal for only VNĐ47.3 million (US$2,039) per tael or $1,692 per ounce.

Other gold firms Bảo Tín Minh Châu and Doji listed their prices at VNĐ47.08 million and VNĐ47.05 million, respectively.

“Rating down the prices is a way to lure customers when the items become a hot investment now,” said a long-time gold expert to Vietnam News.

Media reports said that some gold makers also posted advice on their websites telling investors that it’s now a good time for them to “trade gold to make profit.”

However, analysts believed that many investors became less interested in buying gold because the Vietnamese market had been controlled well and the stability of the foreign exchange rates had improved the economy’s creditability.

Vietnam is the world’s second-largest goal hoarder with around 20 tons of the precious metal consumed per year.

The country is earnestly striving to boost its local demand by promoting gold as an attractive and long-term investment.

Meanwhile, gold recoup its early losses as it soared on Thursday in the global market because traders’ fear over the coronavirus impact grew after the World Health Organization (WHO) declared COVID-19 as a pandemic.

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