The gold market in Vietnam and many Asian countries remains quiet during the Lunar New Year holiday. Prior to the holiday, the SJC gold price maintained at 76.7 – 78.9 million VND/tael, and round gold rings at around 65 – 66 million VND/tael for buying and selling.
The world gold price is at $2,024/ounce, a decrease of $9/ounce. Converted at the current exchange rate, the world gold price is about 60 million VND/tael, excluding taxes and fees.
The domestic gold price is higher than the world gold price by up to 18 million VND/tael. The Lunar New Year is the time when the demand for gold increases among the people. On the Day of the God of Wealth (the 10th day of the first lunar month), Vietnamese people often buy gold with the hope of good luck. The increasing demand causes the gold price to soar.
Domestic gold price remains higher than the world gold price by 18 million VND. (Illustration photo, ST).
To meet the demand for gold buying, on the 6th day of Lunar New Year (February 14th), gold businesses nationwide reopened for sales. People can buy gold on the Day of the God of Wealth from the 6th day of Lunar New Year.
The world gold price is being influenced by the US dollar. The USD Index measures the strength of the US dollar against 6 major world currencies, reaching 104 points. The US 10-year bond yield has also increased.
Sharing on Kitco News (a gold price news website), Mr. Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, commented that the gold market has lost its upward momentum. Currently, gold is trading around the support level of $2,000/ounce.
