Gold price plummets after God of Fortune day

Domestic gold prices this morning, February 7, continued their downward trend, falling by 230,000 VND/tael compared to late yesterday afternoon.

If calculated from the early afternoon of God of Wealth Day (February 6) to this morning, the gold price has decreased by nearly 1 million VND, from 37.6 million VND/tael. Specifically, the gold price at Bao Tin Minh Chau (Hanoi) is trading at 36.65 - 36.77 million VND/tael (buy - sell). SJC Saigon Company also listed the transaction at 36.6 - 37.02 million VND/tael, down 200,000 VND/tael compared to the closing price yesterday.

Gold price drop causes many buyers to suffer heavy losses.

A quick report from Bao Tin Minh Chau this morning shows that on the God of Wealth Day, January 10, at all Bao Tin Minh Chau branches, customers lined up to buy gold from 6am to 10pm. Meanwhile, Phu Nhuan Jewelry Joint Stock Company (PNJ) said that on the God of Wealth Day 2017, the entire system's revenue reached a record of 560 billion VND, the highest in all recent years.

In contrast to the downward trend of domestic gold, the world gold price increased sharply last night, successfully conquering the threshold of 1,230 USD/ounce at many times. Converted according to Vietcombank's USD selling price this morning, the world gold price increased by 280,000 VND/tael compared to the gold price yesterday afternoon. 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 the central exchange rate of VND to USD decreased by 1 VND to 22,196 VND/USD. The USD exchange rate at some commercial banks continued to decrease by 5 - 10 VND/USD. The USD buying and selling price at Vietcombank was 22,540 - 22,610 VND/USD; Eximbank, ACB 22,540 - 22,630 VND/USD; DongA bank 22,540 - 22,620 VND/USD...

According to TNO