Gold price unexpectedly drops before God of Fortune Day

At 11:30 am on February 6, the domestic gold price suddenly plummeted following the world gold price, after 3 consecutive days of increase. Accordingly, SJC gold bars and plain gold rings decreased by half a million VND per tael, falling below the 91 million VND mark before the God of Wealth Day. Specifically, the price of gold rings was at 87.7-90.2 million VND/tael (buy - sell), down nearly 800 thousand VND per tael in both buying and selling; the price of gold bars was only 90.6 million VND/tael, down nearly 700,000 VND/tael compared to early this morning.

In Nghe An, if at the opening of the first trading session of the day (9:00 a.m. on February 6), the price of 9999 gold rings was listed at 91.3 - 91.5 million VND/tael (sell) and 88 - 88.2 million VND/tael (buy), then at 11:30 a.m., all gold shops simultaneously adjusted the price down sharply.

Accordingly, at Kim Thanh Huy gold shop, the price of 9999 gold is listed at 86.5 million VND - 90.5 million VND/tael (buy - sell); at Doji Gold and Gemstone Group Nghe An branch, it is 87.5 million VND/tael - 90.7 million VND/tael (buy - sell); at Nhu Trinh gold and silver shop (Yen Thanh) it is 86.6 million VND - 90.7 million VND/tael (buy - sell).

Surprisingly, right before the God of Wealth Day, the price of gold turned around and dropped sharply. According to experts' analysis, the reason for the sudden sharp drop in gold prices was due to profit-taking selling pressure in the gold market appearing earlier than usual, when the price of gold had increased too much in recent days. If in previous years, the price of gold usually only dropped sharply on the God of Wealth Day or after, this year, the profit-taking pressure occurred right before this holiday.

In addition, the fluctuation of world gold prices and the cautious sentiment of investors also contributed to accelerating the profit-taking trend. With domestic gold prices continuously maintained at high levels and a large difference compared to world prices, many buyers decided to realize profits early instead of waiting any longer.

Although the price of gold suddenly plummeted, the market in Nghe An was quite quiet. At the "gold street" Cao Thang - where many gold and silver businesses are concentrated, on the morning of February 6, the number of customers coming to trade was quite sparse. Most of the customers came to consult prices or buy gold jewelry in small quantities.

Ms. Mai Thuong, owner of a gold shop on Cao Thang Street, said: “The mentality of those who buy God of Wealth gold for luck is that they will buy it tomorrow (January 10), few people buy it in advance. Today, it is mainly individual customers who buy gold jewelry to take advantage of stores that are having promotions and giving lucky money at the beginning of the year. Some people, in the early morning, the gold price was high so they intended to sell, but when they arrived at the shop, the gold price dropped so they hesitated and did not rush to close the deal.”

Currently, to serve the God of Wealth Day of the year At Ty, gold shops in Nghe An have many attractive spring opening programs: Giving lucky money, lucky draw, free processing fee... At the same time, preparing gold items to serve the God of Wealth Day such as: God of Wealth gold bars, God of Wealth gold bars, money rings, Kim Ty charm strings... with a variety of types, shapes, and weights to meet customers' needs.

"Hopefully, tomorrow the market will be more active, with more transactions, and the amount of gold sold will reach the planned revenue," said Ms. Kim Lien, owner of a gold shop on Cao Thang Street (Vinh City).