How will the price of gold rings change on the occasion of the God of Wealth’s Day this year?

The current price of gold rings is very high, around 65 million dong per tael, which is about ten million dong higher than a year ago.

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(Illustrative photo)

According to a survey on January 30, the selling price of Bao Tin Minh Chau brand gold rings (Hanoi) was 65 million VND/tael, while the price of gold rings from other businesses remained at 64 million VND/tael. This is the highest price level ever for this asset, and it has been maintained at such a high level for 2 weeks. Compared to the same period last year, the current gold price is approximately 10 million VND/tael higher.

The price of gold mainly increases according to the fluctuations of the world market. However, according to Associate Professor/Ph.D. Dinh Trong Thinh, an economic expert, the increase in the price of gold rings is also due to the demand of people buying and storing gold for the God of Wealth day.

The survey showed that in the past 2 years, the price of gold rings usually had a slight sideways or slight decrease on the God of Wealth day compared to the previous period. For example, in 2023, before the Lunar New Year, the gold price had a slight increase. Before the God of Wealth day, the selling price of gold rings increased to 56.4 million VND/tael, and the buying price was 55.4 million VND/tael. But on the God of Wealth day, the gold price slightly decreased, with a selling price of 55.8 million VND and a buying price of 54.3 million VND/tael.

In 2022, on the God of Wealth day, the price of gold rings ranged from 53.30-54.40 million VND/tael (buying/selling). 2 days earlier, the buying price of gold rings increased to 54 million VND/tael, while the selling price increased to 54.9 million VND/tael.

Meanwhile, Associate Professor/Ph.D. Dinh Trong Thinh also predicts that the price of gold rings may slightly decrease or remain stable after the Lunar New Year. According to Mr. Thinh, the domestic gold ring price closely follows the price of gold in the world. This is also the basis for the relatively stable fluctuations of the domestic gold ring price.

SOURCEcafef
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