Gold Price ‘Slams the Brakes’ on Lunar New Year’s Eve

After a strong uptrend, gold prices worldwide paused on February 9th (the 30th day of the lunar year). Internally, most gold businesses closed, while some local gold shops remained open on the last day of the lunar year, selling SJC gold at around 78.5 million VND per tael and plain gold rings at 64 million VND per tael.

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As of 9:00 AM on February 9th (Vietnam time), the world gold price is at $2,032 per ounce. Converted at the current exchange rate, the world gold price is about 59.8 million VND per tael, excluding taxes and fees.

The global gold market is experiencing various impacts. The USD Index, which measures the strength of gold against 6 major world currencies, has increased by 0.1%, making holding gold more expensive.

Sharing on Kitco News, a specialized website on gold prices, commodities strategist Bart Melek of TD Securities predicted that the gold price is awaiting signals from the monetary policy of the Federal Reserve.

On the 30th day of Tet, the gold price has stabilized. (Illustrative photo: ST)

In the domestic market, large gold companies such as Doji, Phu Nhuan Jewelry and Bao Tin Minh Chau all will have a break for the Lunar New Year and resume trading on February 14th (or the 6th day of Tet). Before the trading break, SJC gold price range was from 76.7 to 78.9 million VND per tael, while round gold rings were bought and sold at around 65 – 66 million VND per tael.

In the Ho Chi Minh City market, Mi Hong Gold System listed the SJC gold price at around 77.5 – 78.5 million VND per tael for buying and selling, and round gold rings at 63 – 64 million VND per tael.

Local retail gold shops were open for trading until the afternoon of the 30th day of Tet. The prices of gold in these shops were lower than those of big brands by 700,000 – 1,000,000 VND per tael.

SOURCEcafef
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