As recorded at gold, silver and gem shops in Da Nang on February 9 (the 9^th day of the 1^st lunar month), there was not a sudden increase in the number of people buying gold although gold prices have fluctuated in recent days.

Customers refer to gold prices at the PNJ Store 70 Tran Phu in Hai Chau District. Photo: M.QUE

As per Vietnamese tradition, the 10^th day of the Lunar New Year, is the day when the God of Wealth returns to heaven. Therefore, Vietnamese people have a tradition of buying gold on that day to hope for good luck and prosperity throughout the year. So, the demand to buy gold among local residents shot up during the day, while prices are adjusted northward by gold merchants across the nation.

However, contrary to the previous years, one day before the God of Wealth day (February 10 this year), gold prices dropped slightly.

Specifically, as of 5:00pm on February 9, the buying price of SJC gold was at VND61.35 million per tael, whilst the selling price at VND62.17 million per tael, slightly down compared to the closing session of February 8 afternoon.

At 4:00 pm on February 9, Vietinbank Gold & Jewellery at 243 Ong Ich Khiem Street in Hai Chau District listed the price of SJC gold at VND61.3 million-VND62.12 million per tael for buying and selling. The buying price of gold plunged by VND450,000 per tael and the selling price by VND400,000.

As of 4:50 pm, the Da Nang branch of the Doji Jewelry Group listed the prices of SJC gold bars at VND61.1 million - VND62.4 million per tael, the difference between buying and selling was VND1.3 million per tael.

Mr. Hoang Cong Hue, Head of Gold Sales Department of the Doji Jewelry Group - Da Nang branch said that although the gold prices reached VND63.5 million/tael for selling on February 8. However, Doji Da Nang did not record a sudden increase in buying or selling transactions.

According to the owners of gold shops in Da Nang, people still have the psychology of buying gold at the beginning of the new lunar year rather than selling gold. Therefore, although gold prices in the past 2 days have been volatile, the gold market in Da Nang is still stable.

Reporting by M.QUE – Translating by M.DUNG