SJC gold price skyrocketed by millions of dong as soon as it opened

While the purchasing price only increased by 450,000 VND, the selling price of SJC gold bars was more expensive by 1 million VND per tael right from the first trading minute of the Year of the Monkey.

Opening at 8:12 a.m. on February 13 after a week of Tet holiday, the price of SJC gold bars was traded by DOJI Gold and Gemstone Group at 33.55-34.35 million VND. The difference between buying and selling prices widened to 600,000 VND. Compared to before the holiday, each tael of gold skyrocketed to 450,000 VND for buying and 1 million VND for selling right at the opening. Meanwhile, before that, the domestic gold price had almost no strength to surpass the 34 million VND mark per tael.

The domestic gold market remains quiet in the face of world fluctuations as many businesses have not yet opened for business.

The reason for the sharp increase in price is that domestic gold has been suppressed during the Lunar New Year holiday while this precious metal in the world has just experienced a week of the strongest increase since 2011. Within a week, the world gold price has increased by more than 5%.

Most other gold bullion businesses still chose to open on February 15 (the 8th day of the Lunar New Year), so the domestic market was quite calm, with not many official transactions. According to DOJI's analysis team, the fact that international gold prices have fluctuated continuously over the past week, sometimes even changing vertically, could signal an exciting year for gold prices.

At the close of yesterday's US session, spot gold prices fell slightly to $1,237.9, while a day earlier, the precious metal climbed to $1,260 an ounce.

Better-than-expected U.S. retail sales data helped the dollar rebound yesterday, sending gold prices down slightly. However, the precious metal still closed out a week with its biggest weekly gain since 2011.

The global financial turmoil has been the main reason investors have turned to gold, pushing the metal's price up sharply since early 2016 - despite previous pessimistic forecasts from financial experts. Concerns about the global economy and a loss of confidence in the European banking system have prompted people to rush to buy. Since early 2016, gold prices have increased by nearly 18% after three consecutive years of decline. "Gold prices may test a new level of $1,300 in the coming weeks, but I wouldn't be surprised if there is some profit-taking going on," said Carsten Fritsch, an expert at Commerzbank.

Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, also rose 9% to over 22.57 million ounces. Meanwhile, the yield on 10-year US government bonds fell to its lowest since 2012.

According to VNE