Gold market heats up ahead of God of Wealth Day
Gold market heats up ahead of God of Wealth Day
The domestic gold market is heating up with gold shops introducing various products to take advantage of huge demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year (February 14).
Legend has it that the God of Wealth returns to heaven on the 10th day of the new year, so Vietnamese have a tradition of buying gold for luck and prosperity throughout the year.
Representatives from DOJI Gold & Gems Group joint stock company (DOJI) said that the group has prepared more than 300,000 products for the occasion, up more than 30 per cent compared to last year.
Thousands of gold products are also available at the shops of other gold firms such as Sai Gon Jewelry Company Limited (SJC), Phu Quy and Bao Tin Minh Chau.
In addition to traditional products such as figurines representing the God of Wealth and those with Phuc (Happiness), Loc (Prosperity), Tai (Wealth) and Tho (Longevity) written on them, gold companies have also launched other items featuring the pig as it is the Year of the Pig.
Phu Nhuan Jewelry Joint Stock Company (PNJ) has launched figurines of the animal representing the year, golden pigs, made of 24 carat gold and weighing two taels (a tael equals 37.5g) each, which are expected to be a best seller.
Other major players like Doji, Sacombank Jewelry Company (Sacombank -SBJ) and SJC have also launched new products on the occasion.
Demand for gold products is also surging significantly ahead of the God of Wealth Day. Representatives from the Bao Tin Minh Chau gold company estimated that about 70 per cent of transactions in its system purchased, with jewellery especially popular.
Gold prices at some big companies like PNJ, SJC and Bao Tin Minh Chau are also starting to rise.
On the opening hour this morning, Doji listed gold buying/selling price at VND36.97/37.35 million (US$1,580/1,596) per tael of SJC gold bar, up VND20,000 for buying and VND200,000 for selling against the previous day. The gap between the buying and selling rate hit VND380,000.
Phu Quy gold also quoted SJC gold bars at VND36.97- 37.15 million per tael, up VND10,000 for buying and VND20,000 for selling.
