Buyers flocking to stores to purchase gold on Monday, halting all traffic on Tran Nhan Tong street, Hanoi (Photo: VNA)

Hanoi (VNA) - Gold price witnessed a gradual decrease following an initial high during the session of February 6, eventually becoming constant at 37 million VND (1,666 USD) per tael (1.2 oz).

This fluctuation at Bao Tin Minh Chau Jewellery and Gemstone Co Ltd (BTMC) was opposed to the expectation by experts on God of Wealth Day.

Domestic and international gold prices rose sharply, with BTMC opening at a selling price of 37.4 million VND (1,684 USD) per tael, up by 150,000 VND (6.75 USD) compared with February 3’s closing price.

At present, Saigon Jewellery Company’s gold (SJC) is being traded at a selling price of 37.67 million VND (1,697 USD) per tael, also up by 6.75 USD compared with the northern market’s last session.

Southern and central markets experienced a similar initial rise with a 37.65 million VND (1,695 USD) per tael selling price, up by 6.75 USD compared with the previous session’s closing price.

Since early morning, BTMC’s stores have seen a great influx of buyers wanting to purchase gold for God of Wealth Day, which is on January 10 of the lunar calendar. Customers have been waiting from dawn in the hope that buying gold will bring them luck for the year. Up to 98 percent of the day’s purchase was for purely spiritual reasons.

However, world gold price has been expected to rise, with a current selling price of 1,224.2 USD per oz. It is expected to witness a surge due to political instability following US President Trump’s current travel ban. The dollar’s advantage against other currencies has also gone down, further stimulating the anticipated rise in gold price.

According to a survey by Kitco, 72 percent of experts predicted a rise in gold price, 17 percent expected a decrease and the rest opted for a constant price.-VNA