On the morning of February 18 (the 9th day of the Lunar New Year), the price of gold in Vietnam continued to vary between businesses.
At 10:30 AM, the SJC gold price quoted by Saigon Jewelry Company (SJC) was buying at 75.8 million VND/tael and selling at 78.4 million VND/tael; a decrease of 200,000 VND per tael compared to the opening price in the morning. Meanwhile, the SJC gold price quoted by many gold shops in Ho Chi Minh City was 77.6 million VND/tael.
In Hanoi, businesses trading SJC gold bought at 75.75 million VND/tael and sold at 78.35 million VND/tael. Branded gold rings such as SJC, PNJ, DOJI… manufactured had a price range of 64-66 million VND/tael. As for gold rings manufactured by gold shops, it had a price of 63 million VND/tael.
The domestic gold price fluctuated continuously close to the Than Tai day
Gold traders said that the prices of SJC gold and gold rings at each selling point fluctuated depending on the buying power of customers due to the varying demand in different areas. Consequently, the gold prices of businesses had a considerable difference.
In reality, this morning in Ho Chi Minh City, the buying power of people at stores of Mi Hong Gold Company (in the Bà Chiểu market area) was quite crowded. On the other hand, gold shops in the Tan Dinh market (District 1), Go Vap district, and Cau market (District 12) had fewer transactions.
Mr. Le Chanh, owner of Kim Phat I Gold Shop (Go Vap market), said that the demand for gold rings had increased, but it was still not bustling. Perhaps tomorrow, February 19 (the 10th day of the Lunar New Year, also known as Than Tai day), the customer’s demand for transactions would increase significantly.
In Hanoi, Mr. Tran Huu Dang, General Director of ASEAN Gold, Silver and Gemstone Joint Stock Company (AJC), said that people bought gold quite a lot, but there was no phenomenon of queuing as yesterday (February 17).
Representatives from Bao Tin Minh Chau Gold Company (Hanoi) also said that this morning, there were hundreds of customers who bought gold for the lucky Than Tai day; among which, the most purchased item was the round Rong Vang Thang Long ring.
In the context of the fluctuating gold price during Than Tai day, many people wondered whether they should buy gold on this occasion or take advantage of the opportunity for speculation.
Financial expert – gold specialist Phan Dung Khanh advised people to be cautious because the price of gold usually increases during Than Tai day. If people decide to buy, they should buy before this day and hold it for the medium term, or they can buy it before and wait until the gold price rises to sell and make a profit. By thinking this way, people can both avoid queuing to buy gold, and sell it at a higher price, making it easier to make a profit and “selling out is the same as money coming in, which is in line with the meaning of Than Tai”.
Speaking to a reporter from Nguoi Lao Dong Newspaper, economic expert TS Nguyen Tri Hieu said that in the previous years, after Tet Nguyen Dan (Lunar New Year) and on Than Tai day, the gold price tended to decrease, so people and investors who bought gold might risk losing money. From an investment perspective, in 2024, it was not advisable to invest in gold by surfing the waves.
