HÀ NỘI — The domestic gold market experienced a sharp increase as trading resumed after the Tết (Lunar New Year) holiday despite a decline in global gold prices.

On the morning of February 3, gold prices surged by VNĐ500,000 (US$19.8) per tael compared to pre-Tết levels, with gold jewellery also witnessing a significant rise.

At Sài Gòn Jewellery Company (SJC), gold bullion was quoted at VNĐ87.3-VNĐ89.3 million per tael, marking an increase of VNĐ500,000 for both buying and selling prices compared to the pre-holiday period. Meanwhile, SJC gold jewellery saw an even steeper rise, with the buying price increasing by VNĐ700,000 and the selling price climbing by VNĐ800,000, reaching VNĐ87-VNĐ88.8 million per tael.

Other major jewellery companies also adjusted their gold jewellery prices accordingly.

PNJ listed gold jewellery at VNĐ87-VNĐ88.7 million per tael, DOJI quoted VNĐ87.5-VNĐ88.9 million per tael, while Phú Quý traded at around VNĐ87-VNĐ89 million per tael.

After reaching a new peak above $2,820 per ounce on February 1, international gold prices have now retreated to $2,780 per ounce as of the morning of February 3, Việt Nam time. During Việt Nam’s Tết holiday, global gold prices had risen by $70 per ounce. — VNS