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.

It is the first time that a traditional gold trading enterprise in Vietnam is allowed to conduct online gold trading.

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.

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