On the first day of Tet Giap Thin (February 10), the price of SJC gold in the country maintained at 76.7 – 78.9 million VND/tael, round gold ring near 65 – 66 million VND/tael buy – sell. The price of round gold rings is expected to increase to 70 million VND/tael.
The representative of the Vietnam Gold Business Association predicts that the trend of gold prices in 2024 will increase more than decrease. After Tet Nguyen Dan, the traditional cultural and religious customs of many Vietnamese people are to buy gold for luck in the new year. That is why, in recent years, during the Tet Nguyen Dan period, gold prices have increased significantly.
Before Tet Nguyen Dan Giap Thin, the price of gold continuously increased sharply. The price of round gold rings broke the record with a level of 65 million VND/tael.
Gold dragon statue – one of the products to welcome the day of God of Wealth in 2024.
Ahead of the day of God of Wealth, businesses have launched a series of gold dragon statues with weights of 1 – 3 – 5 taels, 1 tael/statue. For each gold dragon statue, customers have to pay craft fees from 500,000 – 6 million VND/statue depending on size, weight, and sophistication.
In the report on the gold market in January 2024, the World Gold Council stated that the reason why the price of gold did not increase strongly was that many gold speculative funds had withdrawn a large amount of capital. Tensions in the Red Sea affect transportation costs, increased pressure on supply chains, and global transportation costs could increase significantly.
“In March 2024, the world will witness many elections with many uncertainties and difficulties to predict. When instability is still high and is forecasted to not cool down soon, gold prices still have favorable conditions for increase,” the World Gold Council predicts.
