Gold price witnessed a gradual decrease following an initial high during the session of February 6, eventually becoming constant at 37 million VND (1,666 USD) per tael (1.2 oz).
Buyers flocking to stores to purchase gold on Monday, halting all traffic on Tran Nhan Tong street, Hanoi (Photo: VNA)
Hanoi (VNA) - Gold price witnessed a gradual decreasefollowing an initial high during the session of February 6, eventually becomingconstant at 37 million VND (1,666 USD) per tael (1.2 oz).
This fluctuation at Bao Tin Minh Chau Jewellery and Gemstone Co Ltd (BTMC) wasopposed to the expectation by experts on God of Wealth Day.
Domestic and international gold prices rose sharply, with BTMC opening at aselling price of 37.4 million VND (1,684 USD) per tael, up by 150,000 VND (6.75USD) compared with February 3’s closing price.
At present, Saigon Jewellery Company’s gold (SJC) is being traded at a sellingprice of 37.67 million VND (1,697 USD) per tael, also up by 6.75 USD comparedwith the northern market’s last session.
Southern and central markets experienced a similar initial rise with a 37.65million VND (1,695 USD) per tael selling price, up by 6.75 USD compared withthe previous session’s closing price.
Since early morning, BTMC’s stores have seen a great influx of buyers wantingto purchase gold for God of Wealth Day, which is on January 10 of the lunarcalendar. Customers have been waiting from dawn in the hope that buying goldwill bring them luck for the year. Up to 98 percent of the day’s purchase wasfor purely spiritual reasons.
However, world gold price has been expected to rise, with a current sellingprice of 1,224.2 USD per oz. It is expected to witness a surge due to politicalinstability following US President Trump’s current travel ban. The dollar’sadvantage against other currencies has also gone down, further stimulating theanticipated rise in gold price.
According to a survey by Kitco, 72 percent of experts predicted a rise in goldprice, 17 percent expected a decrease and the rest opted for a constant price.-VNA
The consumer price index (CPI) in January rose 0.46 percent over December, 2016 and 5.22 percent compared to the same month last year, according to the General Statistics Office (GSO).
Domestic gold demand is expected to surge sharply on February 6 as Vietnamese prefer buying the metal to mark God of Wealth Day – the tenth day of the Lunar New Year.
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Buyers flocking to stores to purchase gold on Monday, halting all traffic on Tran Nhan Tong street, Hanoi (Photo: VNA) 
