Domestic gold price down on God of Wealth Day

The domestic gold price fell steadily on February 19, which is God of Wealth Day (the tenth day of the first lunar month), compared to prices on previous days.

The Saigon Jewelry Company (SJC) announced a substantial reduction in its gold bar prices, cutting them by VND900,000 ($36.7) to a selling price of VND77.5 million ($3,160) per tael and VND1.3 million ($53) to a buying price of VND75.4 million ($3,000).

Jewelry giant DOJI cut its gold bar prices by VND1.25 million ($51) for both the buying price of VND74.5 million ($3,040) per tael and the selling price of VND77.5 million ($3,163).

Jewelry company Bao Tin Minh Chau also reduced its gold bar buying and selling prices by VND1.350 million ($55) and VND550,000 ($22.4), respectively.

Gold bar prices in the domestic market hit a record VND79 million ($3,224) per tael on February 16.

The global price stood at $2,022 per ounce at 11am on February 19.

Since early in the year, the domestic gold bar price has stood at VND13-16 million ($530-653) per tael higher than the global price.

Vietnamese have a tradition of buying gold to mark God of Wealth Day for good luck and prosperity throughout the year.