Buyers flocking to stores to purchase gold after 9 am on Monday, halting all traffic on Tran Nhan Tong street, Ha Noi. Despite the initial hype, gold price had trailed off and remained at a constant lower level than at the beginning of the day. — Photo tuoitre.vn

Gold price witnessed a gradual decrease following an initial high during Monday’s session, eventually becoming constant at VND37 million (US$1,666) per tael (1.2 oz).

This fluctuation at Bao Tin Minh Chau Jewellery and Gemstone Co Ltd (BTMC) was opposed to the expectation by experts on God of Wealth Day.

Domestic and international gold prices rose sharply, with BTMC opening at a selling price of VND37.4 million ($1,684) per tael, up by VND150,000 ($6.75) compared with February 3’s closing price.

At present, Saigon Jewellery Company’s gold (SJC) is being traded at a selling price of VND37.67 million per tael ($1,697), also up by $6.75 compared with the northern market’s last session.

Southern and central markets experienced a similar initial rise with a VND37.65 million ($1,695) per tael selling price, up by $6.75 compared with the previous session’s closing price.

Since early morning, BTMC’s stores have seen a great influx of buyers wanting to purchase gold for God of Wealth Day, which is on January 10 of the lunar calendar. Customers have been waiting from dawn in the hope that buying gold will bring them luck for the year. Up to 98 per cent of Monday’s purchase was for purely spiritual reasons.

However, world gold price has been expected to rise, with a current selling price of $1,224.2 per oz. It is expected to witness a surge due to political instability following US President Trump’s current travel ban. The dollar’s advantage against other currencies has also gone down, further stimulating the anticipated rise in gold price.

According to a survey by Kitco, 72 per cent of experts predicted a rise in gold price, 17 per cent expected a decrease and the rest opted for a constant price. — VNS