Gold fever peaks ahead of God of Wealth Day

Economy, Vietnam, Vietnam Finance News

Many people have rushed to buy gold ahead of the God of Wealth Day on the 10th day of the Lunar New Year which falls on February 14 this year.

Many gold shops on Tran Nhan Tong, Xa Dan and Cau Giay streets in Hanoi attracted customers from early morning. 

  

Gold shops attract customers ahead the God of Wealth Day

The customers were mainly women buying gold, believing it brings luck in the new lunar year. 

Nguyen Thi Hien, 26, from the northern province of Hung Yen said that this year she bought gold earlier than usual so that she would not have to wait for so long tomorrow.

Some gold traders claimed demand on the God of Wealth Day would sharply increase this year. 

 

  

The demand on the God of Wealth Day is forecasted to sharply increase this year.

Phu Nhuan Jewellery Joint Stock Company reported total revenues of VND750 billion (USD32.61 million) from selling 169,000 gold products on last year’s Gold of Wealth Day. Meanwhile, Doji sold 260,000 products on the occasion, up 50% against 2017. 

According to local folklore, the God of Wealth returns to heaven on the tenth day of the first lunar month every year. Vietnamese people consider this the God of Wealth Day, and often buy gold to wish for good luck and prosperity, but it has only become a trend in Vietnam over the past recent years.

QBCA

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