God of Fortune Day, gold price suddenly drops, market less exciting

On the morning of January 31, the 10th day of the first lunar month, the God of Wealth's day, domestic gold prices suddenly reversed and dropped sharply. Photo: Thanh Phuc

Opening the trading session this morning, January 10 - God of Wealth Day, the domestic gold price suddenly reversed and dropped sharply. Accordingly, the SJC gold price was listed at around 66.4-67.8 million VND/tael. Compared to the opening price of yesterday morning, the above markets have decreased by 600,000 VND/tael for buying and 200,000 VND/tael for selling.

In Nghe An, SJC gold price is listed at 65.8 - 66.2 million VND (buy) and 68 - 68.3 million VND (sell), down 700,000 - 1 million VND/tael compared to yesterday (January 9); 9999 round rings are priced at 5.350 million VND/tael (buy) and 5.6 million VND - 5.7 million VND/tael (sell), down 100,000 - 150,000 VND/tael (sell) compared to yesterday (January 9).

According to belief, buying gold on God of Wealth's day will bring a year of luck and prosperity. Photo: Thanh Phuc

On the morning of January 31 (January 10) at the "gold street" Cao Thang, gold and jewelry companies opened early to welcome customers. According to records, the number of customers coming to trade on this day was quite bustling and 30-50% more than previous days. However, the amount of gold sold was less than previous years.

Ms. Tran Kim Lien - Owner of Phu Nguyen Gold Shop (17, Cao Thang) said: "Compared to before Tet until now, on the day of God of Wealth, the number of customers coming to buy gold is much higher. However, the amount of gold sold is not as much as every year. Most customers only buy from 5 to 2-3 taels for luck at the beginning of the year."

Gold shops launch diverse designs with unique collections to serve customers' needs. Photo: Thanh Phuc

Along Cao Thang street, Kim Thanh Huy gold and silver shop has the largest number of customers.

Ms. Mai Anh, the owner of the gold shop, said: “In the morning, the amount of gold sold increased 3-4 times compared to the previous days. However, compared to previous years, it was still less exciting. People mainly came to buy plain gold rings, money rings and statues of the Lucky Cat and the God of Wealth.”

However, compared to previous years, the gold market on God of Wealth Day this year is quite deserted. Photo: Thanh Phuc

On Le Loi and Tran Phu streets (Vinh City) - where long-standing gold shops are located, large gold, silver and gemstone companies have hired lion dance teams to perform to attract customers; at the same time, they have launched lucky draw programs, lucky money receiving programs... However, the buying and selling atmosphere is quite quiet and deserted.

Ms. Ho Thi Dung - Director of Kim Dung Thong Gold and Silver Company Ltd. on Le Loi Street said: "Although it is the God of Wealth's day, it is usually bustling and the peak of gold trading, but this year it is very quiet. Never before has there been such a sluggish situation as this year."

To stimulate shopping, gold shops launch promotions on God of Wealth Day. Photo: Thanh Phuc

In Yen Thanh, from early morning, many people came to jewelry stores to buy gold for luck. At times, the number of customers increased dramatically, so although more staff were mobilized to serve customers, it was still not enough, many people had to wait in line; many gold shops had to refuse online transactions.

Ms. Nguyen Thi Mai, a customer, said: “As a businesswoman, every year on the God of Wealth’s day, I buy gold for luck. In years when I have a lot of extra money, I buy gold bars. This year, the economy is more difficult, so I only buy a few taels for luck.”

In the districts, the gold market is more bustling on God of Wealth Day. In the photo: A gold shop in Yen Thanh town was crowded with customers from early morning. Photo: Thanh Phuc

In addition to the number of customers coming to buy gold for luck, many people also use their savings to buy gold reserves on this occasion. Therefore, the number of customers coming to buy gold jewelry, gold rings, and gold bars has increased compared to the time before Tet. At gold shops, people focused on buying gold products related to the cat - the year of the Cat, gold for fortune, gold jewelry, etc.

According to experts' recommendations, it has become a tradition that gold prices are pushed up before and during the God of Wealth's day, then immediately drop sharply from 500,000 VND to a million VND per tael overnight. Therefore, many people should consider when buying gold at this time, only buy for luck and store for the long term, not speculate or surf due to the high difference between domestic and international gold prices.

According to experts' recommendations, people should consider buying gold at this time. Photo: Thanh Phuc

Therefore, with the concept of buying gold for luck, people should base on their financial ability and needs to choose the right product./.