Domestic gold prices surge after Tet holiday
The domestic gold market experienced a sharp increase as trading resumed after the Tet (Lunar New Year) holiday despite a decline in global gold prices.
On the morning of February 3, gold prices surged by VND500,000 (US$19.8) per tael compared to pre-Tet levels, with gold jewellery also witnessing a significant rise.
At Sai Gon Jewellery Company (SJC), gold bullion was quoted at VND87.3-89.3 million per tael, marking an increase of VND500,000 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 VND700,000 and the selling price climbing by VND800,000, reaching VND87-88.8 million per tael.
Other major jewellery companies also adjusted their gold jewellery prices accordingly.
PNJ listed gold jewellery at VND87-88.7 million per tael, DOJI quoted VND87.5-88.9 million per tael, while Phu Quy traded at around VND87-89 million per tael.
After reaching a new peak above US$2,820 per ounce on February 1, international gold prices have now retreated to US$2,780 per ounce as of the morning of February 3, Vietnam time. During Vietnam’s Tet holiday, global gold prices had risen by US$70 per ounce.
