Gold buyers must exercise caution and try to pick the right time to buy or sell to avoid incurring losses and minimising risks as the prices of the precious metal can go lower in the short term.
Adding the 7,900 taels of SJC gold bullions that were successfully auctioned off today, the central bank has released a total of 35,100 taels to the market in the past month.
On the day gold prices peaked, many gold shops in Hà Nội only sold a maximum of five taels, leading to people buying and selling hand to hand outside the store.
The domestic gold price rose 16 per cent to hit a six-year high in 2019, while global prices also increased about 18 per cent to reach a nine-year record.
Saigon Jewelry Company’s (SJC) gold price experienced a slight rise of VND50,000 (US$2.26) per tael (1.02 ounces), despite strong fluctuation of the world gold price.
Gold shops around the country are scrambling to stockpile bullion and
jewellery to take advantage of the massive demand that is expected on
the 10th day of the lunar year, Than Tai (God of Wealth) Day, which
falls on February 17.
Domestic gold prices followed the downward trend in the world market and
ped by VND330,000 (US$15.7) per tael from early this week
toVND36.02 million ($1,715) per tael.
Doji Gold and Gems Group has become the first Vietnamese enterprise to
receive a licence from the Government to measure gold content in
jewellery traded in the domestic market.