Gold market heats up ahead of God of Wealth Day

Economy, Vietnam, Vietnam Finance News
The gold market heats up ahead of the God of Wealth Day (Source: VNA)

Hanoi (VNA)
– 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 – the 10th day of the Lunar
New Year, which falls on February 14 this year.

Legend has it that the God of Wealth returns to
heaven on the 10th day of the lunar new year, so Vietnamese people 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 percent 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 percent 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 on February 12 morning, Doji
listed gold buying/selling price at 36.97/37.35 million VND (1,580/1,596 USD)
per tael of SJC gold bar, up 20,000 VND for buying and 200,000 VND for selling
against the previous day. The gap between the buying and selling rate hit
380,000 VND.

Phu Quy gold also quoted SJC gold bars at 36.97-
37.15 million VND per tael, up 10,000 VND for buying and 20,000 VND for


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