On the first day of Tet, the price of SJC gold bars and gold rings suddenly decreased against the world trend.

On the morning of January 29 (the first day of Tet), the price of SJC gold bars was listed by some gold shops in Ho Chi Minh City at VND86.7 million/tael for buying and VND87.5 million/tael for selling - down about VND200,000 per tael compared to the end of yesterday.

This price is a sharp decrease compared to the closing price of gold businesses and commercial banks before Tet holiday of about 1.3 million VND/tael.

The price of 99.99 gold rings and jewelry gold remains high. Some gold shops listed the buying price of gold rings at VND86.3 million/tael and the selling price at VND87.7 million/tael, stable compared to yesterday morning. Some other units sold at a higher price, around VND88 million/tael.

The price of SJC gold bars on the free market is falling lower than the price of 99.99 gold rings in the context of the world price skyrocketing again. The precious metal on the international market is currently trading at 2,765 USD/ounce, up 25 USD/ounce compared to the previous session. This is a strong increase after 2 sessions of decline.

World gold prices increased despite the USD remaining at a high of over 107.7 points. Demand for gold increased as the international stock market sold off, especially technology stocks.

According to analysts, domestic gold prices during Tet and before God of Wealth Day usually remain high due to increased demand. Therefore, the downward adjustment is usually short-term because people prefer to buy gold rings and jewelry. At the same time, because the domestic market is in the middle of the long Lunar New Year holiday, there is also a difference in gold prices between businesses.