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Many people buy gold on God of Wealth Day, gold prices down

VIETNAM, February 19 -  

HÀ NỘI — On February 19, the tenth day of the Lunar New Year, the God of Wealth Day, many people lined up to buy gold for good luck at gold shops in Hà Nội, as gold prices dropped on the domestic market.

Many gold shops on the streets of Hà Nội such as Trần Nhân Tông, Nguyễn Trãi, Trần Phú and Hà Trung are crowded.

On Trần Nhân Tông street, Hà Nội with many gold shops of popular brands such as Bảo Tín Minh Châu, SJC and Phú Quý, most gold shops open from 6 am to welcome customers, instead of at 8am as usual.

To avoid having to wait long, Nguyễn Thanh Vân in Hoàng Mai District had an online order of a gold product and went to the store to receive this product one day before the God of Wealth Day. 

“Every year I go on the same day. Last year, it was very crowded so this year I have to go early," Vân said.

According to the gold shops, on the day of the God of Wealth, plain round rings are the choice of most people, because they are easy to trade and have low depreciation.

Việt Hà from Hoàng Mai District, Hà Nội, said: "Every year on this day, I buy a gold product for luck. I often only bought plain rings. In recent years, when the market has more new designs, I switched to buying artistic gold products which have meaning and high aesthetic value."

Nguyễn Hữu Thuyết, from the Gold Exchange Department, Bảo Tín Minh Châu Company, said: "This year many customers came to buy gold earlier than last year. Every year, customers come to buy gold products when it's almost God of Wealth Day, but this year they have bought gold from the end of last lunar year until opening at the beginning of this lunar new year."

"Besides direct transactions at the shops, the company also sells the products through online channels. Customers can order in advance, then receive the gold on God of Wealth Day."

Domestic gold price decreased on February 19, God of Wealth Day, compared to the price at the close of February 18.

At 12 pm, the Saigon Jewelry Company (SJC) bought SJC gold at VNĐ74.8 million (US$3,060) per tael (37.5 grams), down VNĐ1.3 million per tael, and sold at VNĐ77.8 million per tael, down VNĐ800,000.

Bảo Tín Minh Châu listed its buying price of SJC gold at VNĐ75.1 million per tael and the selling price at VNĐ77.6 million per tael, down between VNĐ500,000-VNĐ1 million compared to the close of February 18.

Vietnamese prefer buying gold to mark God of Wealth Day, the tenth day of the Lunar New Year, as legend has it that the God of Wealth returns to heaven on the tenth day of the first lunar month each year. Vietnamese people consider this God of Wealth Day, so they have a tradition of buying some gold for good luck and prosperity throughout the year. — VNS