Gold prices are showing unusual trends as the God of Wealth Day approaches.

(NLĐO) – A surprise has occurred in the domestic gold market, as the price of SJC gold bars and gold rings plummeted sharply even before the God of Wealth Day.

On the afternoon of February 6th, world gold prices only adjusted slightly downwards to around $2,863 per ounce. This was a decrease of less than $10 per ounce compared to the morning, but the domestic gold market showed unusual movements as both SJC gold bars and 99.99 gold rings plummeted sharply.

SJC, PNJ, Bao Tin Minh Chau, and Mi Hong companies have reversed course, lowering the price of SJC gold bars to levels more than a million dong lower than in the morning. Accordingly, the buying price of SJC gold bars is now 86.9 million dong/ounce, and the selling price is 90.1 million dong/ounce, a decrease of 1.1 million dong/ounce compared to the morning. Mi Hong is selling gold bars at 88.7 million dong/ounce.

The spread between buying and selling prices widened to a record high of 3.2 million VND per tael.

Similarly, the price of gold rings and 99.99% pure gold jewelry also dropped sharply, with businesses buying at 86.9 million VND/ounce and selling at 90 million VND/ounce, a decrease of 600,000 VND/ounce compared to this morning.

This is a rather unusual development and contrary to the upward trend seen in recent days. Notably, in previous years, the gold market typically fell on the Day of the God of Wealth and surged before the Day, which is quite unusual compared to previous years.

Customers buying gold at a PNJ branch in District 3, on the morning of February 6th (the 9th day of the Lunar New Year).

Gold expert Tran Duy Phuong said that although world gold prices remain high and have not seen any significant adjustments, domestic gold prices have plummeted as selling pressure dominates the market.

"Those selling gold are people who bought gold in the 83-86 million VND/ounce range and are now aggressively taking profits from yesterday afternoon until today. Meanwhile, those buying gold are mostly buying smaller quantities, for good luck on the God of Wealth Day. The increased supply is causing prices to fall rapidly," Mr. Phuong said.

According to observations by a reporter from Nguoi Lao Dong newspaper, the demand for gold at some businesses in Ho Chi Minh City this morning was also lower than in previous days.

At the PNJ branch in District 3, Ho Chi Minh City, this morning customers mainly came to buy gold jewelry, plain gold rings, and lucky gold products. SJC gold bars of 1 tael (approximately 37.75 grams) were on display awaiting purchase, while gold bars of 1 tael and 2 tael (approximately 37.75 grams) were out of stock.

SJC gold bar prices unexpectedly plummeted this afternoon.

Mr. Nguyen Thanh (residing in District 1, Ho Chi Minh City) said he recently bought two taels of plain gold rings for good luck at the beginning of the year. Because he bought the gold during the God of Wealth festival hoping for good fortune, he didn't pay attention to the price of gold.

According to experts, if you're buying gold for investment purposes during the God of Wealth festival, you should reconsider because the price of gold is currently at its peak and there's a possibility of a downward correction after a period of rapid increase. However, if you're buying gold in small quantities for good luck, then you don't need to worry about the price.

Source: https://nld.com.vn/sat-ngay-than-tai-gia-vang-co-dien-bien-la-196250206142943387.htm