Crowds queue to buy gold on God of Wealth Day

February 10, 2014 | 16:09
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Gold retail trading surged sharply as many seekers of good fortune queued in long lines outside local shops to buy the precious metal on the God of Wealth Day [Feb. 9, the tenth day of the Lunar New Year].

It is believed that buying gold on this day, when the God of Wealth returns to heaven, will bring good luck and prosperity throughout the year.

“This is the first time I have purchased gold bars on the God of Wealth Day,” said Huyen, who traveled some 100 kilometers, or 62 miles, from Phu Tho province to Hanoi to buy two maces of gold at Bao Tin Minh Chau Jewelry Corporation in Cau Giay district.

“It’s strange that buying gold today is like buying vegetables during the subsidy period as many people must stand close together in long lines.”

During the country’s subsidy period (1975 – 1986), locals had to wait in lines to purchase food, goods, and services using coupons or food stamps issued by the government.

Gold shops in Ho Chi Minh City were also overloaded with customers during the day. Diu, a HCMC native, told Tuoi Tre that she had to visit three shops before finding a five-mace gold ring to bring her good luck and prosperity.

“As soon as gold shops opened their doors, crowds of people rushed in,” Thanh Nien newspaper quoted Nguyen Ngoc Trong, sales manager of Phu Nhuan Jewelry Company (PNJ), as saying.

Light-weight gold bars from one to five maces reportedly sold well on this day.

To meet the predicted demand for gold, local major gold bar providers like Saigon Jewelry Holding Co. (SJC) and DOJI prepared a large amount of small gold bars and gold bars carved with images of the God of Wealth, Horses, or the words “Loc” (good fortune) and “Phat Tai” (Prosperity).

A representative of DOJI told Thanh Nien that they sold 25,000 products, mostly one-mace Kim Ma Loc (“Gold Horse brings good fortune”) and two-mace Kim Ma Phat  (“Gold Horse brings prosperity”) on this day, double that of the same day last year.

Trong told Tuoi Tre that PNJ sold 25,000 gold products (equivalent to 3,000 taels of gold [a tael is equal to 1.2 troy ounces]) on the God of Wealth Day, ten times more than that of a normal day. 

“The selling volume increased sharply in Hanoi, Da Nang, Can Tho, and Ho Chi Minh City. We had to strengthen our production capacity and take gold bars from other places to supplement the stock in those cities,” said Trong.

"SJC gold prices were at VND35.38 million and VND35.38 million per tael for buying and selling respectively.


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