On the morning of February 8, gold prices in Nghe An skyrocketed, the market was extremely bustling near the God of Wealth Day.

Gold prices are currently high, fluctuating around an increase of VND50,000/tael to VND1.1 million/tael. Photo: Thanh Phuc

This morning, February 8 (ie the 8th day of the first lunar month),Gold prices continue to risearound 50,000 VND/tael to 1.1 million VND/tael, bringing the gold price to its highest level in history.

Accordingly, at gold shops on Cao Thang and Tran Phu streets (Vinh City), SJC gold bars are priced at 62.5 - 63.45 million VND/tael (buy - sell), an increase of 200,000 VND/tael for buying, and 150,000 VND/tael for selling; 999 plain round rings are traded at 53.95 - 54.75 million VND/tael (buy - sell).

Prices of gold money rings, Pixiu, money frogs, gold charms of God of Wealth, Kim Dan, feng shui stone bracelets, etc. have all increased. Photo: Thanh Phuc

Not only gold bars, popular items on this occasiongod of wealthalso increased sharply. Accordingly, the prices of gold rings, Pixiu, money-holding toads, gold charms of the God of Wealth, Kim Dan, feng shui stone bracelets... all increased from 100,000 VND - 700,000 VND/product compared to the previous trading session. Particularly, SJC gold rings were listed for buying and selling at 53.70 - 54.50 million VND/tael, an increase of 850,000 VND/tael for buying and 950,000 VND/tael for selling compared to the end of yesterday (February 7).

Explaining the reason for the continuous increase in gold prices, gold shop owners said that the current increase in world gold prices is due to the sharp decrease in the dollar price and the sharp increase in oil prices, so the domestic gold price is also pushed up. In addition, according to the rule, when the God of Wealth's day is near, the demand for buying gold for luck increases, so the gold price increases.

Transactions at gold shops are quite bustling. Photo: Thanh Phuc

According to a survey, in recent days, transactions on the gold market in Nghe An have been quite active.

Ms. Manh My Duyen, owner of a large gold shop on Tran Phu Street (Vinh City) said: “Although the price of gold has skyrocketed, the number of people coming to trade is still very active, both buying and selling. Partly, many people believe in buying gold at the beginning of the year, especially on the day of the God of Wealth to pray for luck; the other part after Tet, having extra money after balancing spending or receiving Tet lucky money from children and grandchildren, buys gold to “save” and during this time, many weddings are held, so the demand for buying gold as wedding gifts and dowries increases.”

Gold shops are constantly replenishing their inventory to meet customer demand. Photo: Thanh Phuc

Not only in Vinh City, gold shops in the districts are also crowded with people coming to buy and sell during this time. Mr. Trinh Huu Thanh, owner of a large gold shop in Do Luong town, said: “From the first day of opening, the 5th day of Tet, there were a lot of people coming to trade, double the number of people coming to trade on the days before Tet. In the selling direction, most people buy jewelry rings, gifts and 1-3 tael gold bars; in the buying direction, most people sell gold bars to save up for business capital. In the last 3 days alone, the amount of gold bought increased by 150% compared to before.”

According to forecast,gold pricewill continue to anchor at a high level and experts recommend that people should take advantage of the opportunity to sell gold to make a profit while the gold price is "peaking" and should not buy gold at this time. In particular, the gap with the world price is more than 13 million VND/tael as it is now, buyers need to consider when "putting down money".

To stimulate gold purchases at the beginning of the year, gold shops have also launched promotional programs such as giving away gold-plated Bodhi leaves and giving away lucky money at the beginning of the year. Photo: Thanh Phuc

In case of buying for spiritual reasons, people should only buy small quantities to pray for luck and avoid losses later. If buying gold for investment or as a dowry, they should wait for the time when gold prices plummet to “buy the bottom” to store and invest.

In addition, customers should choose reputable addresses to buy gold, need to check the serial number, check the age, and invoice of the product to avoid future disadvantages.