Domestic market increases with the world
As of 5:00 p.m. on February 3, 2025 (the 6th day of Tet), the price of SJC gold bars was listed by Saigon Jewelry Company at VND 87.8-89.8 million/tael (buy - sell); an increase of VND 1 million/tael for both buying and selling compared to the close of the previous trading session.
The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.
Meanwhile, the price of SJC gold bars was listed by DOJI Group at 87.8-89.8 million VND/tael (buy - sell); an increase of 1 million VND/tael for both buying and selling compared to the close of the previous trading session.
The difference between buying and selling price of SJC gold at DOJI Group is at 2 million VND/tael.
At the same time, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 88.10-89.50 million VND/tael (buy - sell); an increase of 1.5 million VND/tael for buying and an increase of 1.4 million VND/tael for selling compared to the closing price of yesterday's trading session.
Bao Tin Minh Chau listed the price of gold rings at 87.8-89.75 million VND/tael (buy - sell), an increase of 1.2 million VND/tael for buying and an increase of 850,000 VND/tael for selling compared to the closing price of yesterday's trading session.
The increase in gold prices today is not unexpected. From January 24, 2025, the domestic gold market entered the Lunar New Year holiday, trading was suspended. Before the closing of the last trading session of the Lunar New Year, the price of SJC gold bars was listed by Saigon Jewelry Company at 86.9-88.9 million VND/tael (buy - sell). DOJI Group also offered a similar price.
The price of round gold rings at DOJI Group is listed at 86.6-88.1 million VND/tael, while Bao Tin Minh Chau offers 86.6-88.8 million VND/tael.
On the world market, the gold price listed on Kitco reached 2,778.2 USD/ounce.
This morning (February 3, 2025) - the first day of reopening after the Lunar New Year holiday, the domestic gold price has not yet been adjusted, but the world gold price has increased by nearly 20 USD/ounce. With the trend of fluctuating in the same direction as the world market, this increase in the domestic gold price is considered reasonable.
Despite the current fluctuations, experts still give positive forecasts for world gold prices in the short term.
Gold prices increase due to early year shopping demand
The demand for buying gold at the beginning of the year and on the God of Wealth's day is contributing to pushing up domestic gold prices.
A media representative of a jewelry brand in Hanoi said: "Domestic gold prices may increase sharply due to the increase in world gold prices during the Tet holiday. In addition, the demand for gold at the beginning of the year and on the day of the God of Wealth is also a factor driving up prices."
According to Lao Dong reporters, on the first trading day after Tet holiday in Cau Giay street (Hanoi), many people were present early at the stores to buy gold for luck.
Mr. Nguyen Tuan Luc, a customer on Cau Giay Street, said: "Before Tet, I could not buy gold bars because the store said they were out of stock. Today, I came at 8:30 to wait to buy gold."
Similarly, Ms. Bui Thu Oanh (Hanoi) also arrived early to buy gold rings to welcome the beginning of the year.
"My family has a tradition of buying gold at the beginning of the new year. Even though the price of gold is quite high, I still decided to buy it to pray for luck and fortune," Ms. Oanh shared.
