Ring gold prices also recorded a significant increase on Wednesday morning. — VNA/VNS Photo

HÀ NỘI — SJC gold prices extended gains on Wednesday morning, boosted by record rallies of the international gold prices and surging demand ahead of God of Wealth Day, (the tenth day of the lunar month). 

At the opening session, SJC gold prices were quoted by major enterprises at VNĐ88 million per tael (US$3494.84) for sellers and VNĐ91 million per tael ($3613.98) for buyers.

This marks an increase of VNĐ400,000 for buying and VNĐ900,000 for selling compared to the closing price of the previous session.

The price difference between buying and selling prices is VNĐ3 million per tael.

At this selling level, SJC gold moves closer to its peak set last May at VNĐ92.42 million per tael for buyers.

Trends of SJC gold prices from 2022 to February 5. Graphic: Ly Ly Cao

Prices of the national gold brand have soared since the market reopened after the long Tết (Lunar New Year) holiday. 

In just the last three trading sessions this week, SJC gold prices have surged by over VNĐ2 million per tael.

Similarly, ring gold prices also recorded a significant increase. Particularly, SJC gold rings are listed at VNĐ88 million per tael for sellers and VNĐ90.5 million per tael for buyers, up VNĐ400,000 and VNĐ900,000, respectively, from the closing of the previous session.

The sharp increase in domestic gold prices after the Lunar New Year holiday is not only due to the general trend of the international gold market, but also because of the rising demand for gold as the God of Wealth approaches, which falls on this Friday. 

According to folklore, buying gold on this day will bring luck and wealth for the whole year, leading to a sudden surge in gold purchases and driving prices up.

On the global market, gold prices continue to set record highs on Wednesday morning, reaching $2,853.97 per ounce, due to concerns over a potential trade conflict between the US and China.

Investors have been seeking the safe-haven asset after China retaliated with tariffs on the US in response to President Donald Trump's tariffs. — VNS