Gold price surges after Tet
The domestic gold price on February 11, the first working day after the Lunar New Year (Tet) holiday, edged up by some VND100,000 per tael over the price before Tet, news site Vietnamplus reported.
Saigon Jewelry Company (SJC) quoted its gold price at VND36.95-VND37.2 million (US$1,591.4–US$1,601.9) per tael in HCMC and VND36.96-VND37.22 million in Hanoi and Danang. A tael is equivalent to 1.2 troy ounces.
The gold selling price at outlets of Doji Gold & Gems Group and Phu Quy Group also increased to VND37.05 million and VND37.15 million per tael, respectively.
Meanwhile, Bao Tin Minh Chau Jewelry Company sold a tael of Thang Long Dragon gold at VND37.04-VND37.49 million, VND60,000 higher than in the previous trading session.
The gold price is forecast to increase further with the approach of the God of Wealth Day, the tenth day of the first lunar month (February 14). On this day, many Vietnamese tend to buy gold due to the belief that the precious metal brings good luck.
On the global market, the gold price hovered at some US$1,314 per ounce yesterday, down by some US$1 against the privious day.
The State Bank of Vietnam yesterday also announced the central exchange rate between the Vietnamese dong and the U.S. dollar at VND22,895, up VND28 per U.S. dollar over the rate on February 1, the last working day before the Tet holiday.