Sjc

“Never before have the gold market been such quiet in the first few months of the year,” said a representative of SJC.

Vietnamese people are overpaying to own a same amount of gold as their international peers, said an expert.

The Covid-19 pandemic could not prevent locals from buying gold in anticipation of the upcoming God of Wealth Day, especially as gold firms are now taking the sale online.

Before Tet holiday, the stock market showed sign of recovery following a historic slump, while the gold prices on the world market was on the declining trend.

Given a large gap between domestic and international gold prices, it would be high risks for investors to bet their money on gold at the moment, said an expert.

In the long term, high gold prices could affect prices of other goods, weaken the Vietnamese dong and push inflation, said expert Nguyen Tri Hieu.