Gold price did not fall sharply after God of Wealth day, why?

Gold prices after God of Fortune Day this year did not fall as sharply as in previous years but remained stable in the context of world gold prices being forecast to continue to increase.

Gold prices after God of Wealth Day this year did not fall as sharply as in previous years - Photo: THANH HIEP

World gold price hits new peak

Last weekend, the world gold price reached a peak of 2,886 USD/ounce, then ended the trading week at 2,861.1 USD/ounce.

Converted according to the USD selling rate at banks, the world gold price is equivalent to 87.8 million VND/tael.

Thus, the world gold price has increased for 6 consecutive weeks due to the escalating US-China trade tension, boosting the risk-hedging demand of investors globally.

This week alone, world gold prices increased by more than 2.1%.

In the country, contrary to the usual trend every year when domestic gold prices often plummet after God of Wealth day, this year the prices of 9999 gold rings and SJC gold bars remained stable.

According to records, the price of SJC gold bars was kept stable by gold companies at 90.3 million VND/tael (selling) and 86.8 million VND/tael (buying).

The price of 9999 gold ring is at 89.8 million VND/tael, buy at 86.8 million VND/tael.

Thus, compared to the converted world gold price, the price of SJC gold bars is 2.5 million VND/tael higher while the price of 9999 gold is 2 million VND/tael higher.

Should I buy gold now?

Notably, the difference between domestic and international gold prices is up to 3.5 million VND/tael. This is a very high difference, double the normal time, so it brings a very high risk to gold buyers at this time.

The question is whether to buy gold now? According to expert Tran Duy Phuong, the trend of gold prices in the coming time is still upward, however in the short term, the gold price is likely to have adjustments.

Therefore, during this time, you should not buy gold for investment but should wait until the end of February, beginning of March for a higher rate of return.

According to experts' analysis, the main concern of investors in the gold market at this time continues to be the uncertainty related to President Donald Trump's tariff policy.

This means that the US Federal Reserve (Fed) will find it difficult to quickly reduce interest rates because imposing tariffs can also cause inflationary effects.

A prolonged high interest rate environment would not be beneficial for a non-interest bearing asset like gold.

Please follow the domestic gold price movements here.

Source: https://tuoitre.vn/gia-vang-khong-sap-manh-sau-ngay-via-than-tai-vi-sao-20250209135156031.htm