Customers buy gold for the God of Wealth Day. (Photo: VNA) HCM City (VNA) - Domestic gold demand isexpected to surge sharply on February 6 as Vietnamese prefer buying the metalto mark God of Wealth Day – the tenth day of the Lunar New Year.
Legend has it that the God of Wealth returns toheaven on the tenth day of the first lunar month each year. Vietnamese peopleconsider this God of Wealth Day, so they have a tradition of buying some goldfor good luck and prosperity throughout the year.
To meet the predictedrise in gold demand, many gold companies across the country have preparedvarious kinds of gold products in different sizes and shapes, including thosewith Phuc (Happiness), Loc (Prosperity) and Tai (Wealth) letters and figurines of the 12 zodiacanimals.
As it is currently the Year of the Rooster in the lunar calendar,the rooster is also widely featured on a variety of gold products.
Tran Thi Cuc, deputy general director of Phu Nhuan Jewelry JointStock Company (PNJ), said customers usually prefer gold bar of moderate weightor rings weighing 0.5 – 2 tenth of tael. A tael is the most common weightmeasure of gold in Vietnam, which equals 37.5 grammes.
PNJ will supply nearly 150,000 gold products on this specialoccasion, an increase of 50,000 products from last year, she said.
In addition, PNJ has also launched to the market 2,000 figurinesof roosters and hens lay golden eggs, which are all made from 24k gold andweigh two taels each, and 5,000 products of gold-plated roosters with pricesranging from 15-17 million VND (663-752 USD) each.
Other major players, including DOJI, Sacombank Jewelry Company (SBJ), Sai Gon Jewelry Company Limited (SJC), Bao Tin Minh Chau and Phu Quy, said they hadcarefully prepared to meet rising demand this year.
DOJI said with a preparation of up to 200,000products since the middle of last year, the company will meet demand for buyinggold on God of Wealth Day from consumers across the country.
SBJ, besides selling traditional gold productssuch as Than tai (God of Wealth) gold bullion, will introduce many new goldproducts on this occasion, including gold-plated roosters, gold coins inscribedwith Maitreya, or Phuc, Loc, Tho (Longevity) letters.
SJC also launched a new lucky gold series for this year, includingGod of Wealth figurines, golden roosters, and coins of 12 zodiac animals.
According to gold traders, demand for gold is expected to behigher than previous years on God of Wealth Day.
PNJ, DOJI and other gold companies said their gold shops will addstaff and open earlier and close later than usual on God of Wealth Day tocreate the most convenience for customers.
To avoid a shortage of products that plauged previous years, theymade plans for production and distribution many months ago and also launchedtheir new products to the market since the middle of last month.
Many people bought gold since gold shops resumed operation after Tết break as they bet that prices would rise if theybought on the right day.
Thanh An, a bakery owner in HCM City’s Binh Thanh district, whojust bought a gold sheet stamped with the “Loc” (Prosperity) letter at a gold shop in Binh Thanh district, said“I had to wait for hours to be able to buy gold last year, so I decided to buyearlier this year.”
Purchasing the precious metal at the beginning of the year, especially on God of Wealth Day, brings good luck for people doing business, shesaid.
But many others think that the purchase must be done on the rightday.
Tran Thi My Phuong, in Thu Duc district, said “The God of Wealthwill only bring good fortune to you if you buy gold on the tenth day of thelunar calendar.”
“Even though I have to hustle in the crowd, I am willing to do soin exchange for luck the entire year,” she said.
SJC on February 4 morning quoted gold at 37.2million VND and 37.6 million VND a tael for buying and selling, respectively,in HCM City, a slight fall from the previous day.-VNA
VNA
