Gold prices plummet after the God of Wealth Day.

Domestic gold prices continued their downward trend this morning, February 7th, falling by as much as 230,000 VND per ounce compared to late yesterday afternoon.

From midday on the Day of the God of Wealth (February 6th) until this morning, the price of gold has decreased by nearly 1 million VND, from 37.6 million VND/ounce. Specifically, the price of gold at Bao Tin Minh Chau (Hanoi) is trading at 36.65 - 36.77 million VND/ounce (buy - sell). SJC Saigon also listed the price at 36.6 - 37.02 million VND/ounce, down 200,000 VND/ounce compared to yesterday's closing price.

The drop in gold prices has resulted in significant losses for many buyers.

According to a quick report from Bao Tin Minh Chau this morning, on the God of Wealth Day (the 10th day of the first lunar month), customers lined up to buy gold in large numbers at all Bao Tin Minh Chau branches from 6 AM to 10 PM. Meanwhile, Phu Nhuan Jewelry Joint Stock Company (PNJ) announced that on the God of Wealth Day in 2017, the total revenue of the entire system reached a record high of 560 billion VND, the highest in all recent years.

Contrary to the downward trend of domestic gold prices, world gold prices surged last night, successfully surpassing the $1,230/ounce mark at several points. Converted using Vietcombank's USD selling rate this morning, the world gold price increased by 280,000 VND/ounce compared to yesterday afternoon's price. The world gold price is currently 3.17 million VND higher than the domestic gold price (excluding taxes and fees).

On the same day, the State Bank of Vietnam announced that the central exchange rate of VND against USD decreased by another 1 dong to 22,196 dong/USD. The USD exchange rate at several commercial banks continued to fall by 5-10 dong/USD. The buying and selling prices of USD at Vietcombank were 22,540 - 22,610 dong/USD; Eximbank and ACB 22,540 - 22,630 dong/USD; DongA Bank 22,540 - 22,620 dong/USD…

According to TNO