Gold unexpectedly dropped in price ahead of the God of Wealth Day.

By 11:30 AM on February 6th, domestic gold prices suddenly plummeted, following the global gold price drop after three consecutive days of increases. Accordingly, SJC gold bars and plain gold rings fell by half a million dong per ounce, dropping below the 91 million dong mark seen before the God of Wealth Day. Specifically, the price of gold rings fell to 87.7-90.2 million dong/ounce (buy - sell), a decrease of nearly 800,000 dong per ounce in both buying and selling prices; the price of gold bars was only 90.6 million dong/ounce, a decrease of nearly 700,000 dong/ounce compared to earlier this morning.

In Nghe An, while the opening price of 9999 gold rings was listed at 91.3 - 91.5 million VND/ounce (selling price) and 88 - 88.2 million VND/ounce (buying price) at the start of trading (9:00 AM on February 6th), by 11:30 AM, gold shops had simultaneously adjusted prices sharply downwards.

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

Surprisingly, just before the God of Wealth Day, gold prices reversed course and fell sharply. According to experts, the sudden drop in gold prices was due to profit-taking selling pressure appearing earlier than usual, after gold prices had risen too sharply in recent days. While in previous years, gold prices usually only fell sharply on or after the God of Wealth Day, this year, profit-taking pressure occurred right before the holiday.

In addition, fluctuations in global gold prices and the cautious sentiment of investors have also contributed to accelerating the trend of profit-taking. With domestic gold prices consistently remaining high and significantly higher than world prices, many buyers have decided to realize profits early instead of waiting longer.

Despite the unexpected and sharp drop in gold prices, the market in Nghe An remained relatively quiet. On Cao Thang Street, known as the "gold street" and home to many gold and silver businesses, the number of customers was sparse on the morning of February 6th. Most customers were simply checking prices or buying small quantities of gold jewelry.

Ms. Mai Thuong, the owner of a gold shop on Cao Thang Street, said: "People who buy gold for good luck tend to wait until tomorrow (the 10th day of the first lunar month) to buy it; few buy it beforehand. Today, it's mainly individual customers buying gold jewelry, taking advantage of the shops' promotions and New Year's lucky money giveaways. Some people, thinking of selling because the price was high in the morning, hesitated when they arrived at the shop because the price had dropped, and they weren't in a hurry to make a profit."

Currently, to celebrate the God of Wealth Day in the Year of the Snake (2015), gold shops in Nghe An have many attractive opening programs: giving lucky money, lucky draws, free processing fees, etc. At the same time, they are preparing gold items for the God of Wealth Day such as: God of Wealth gold bars, God of Wealth gold ingots, money rings, and Snake charm necklaces… in various types, shapes, and weights to meet customer 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, the owner of a gold shop on Cao Thang Street (Vinh City).