God of Wealth Day takes heavy blow from coronavirus scare

God of Wealth Day in “Corona time”, source: thanhnien.vn

Capturing the demand for gold during the God of Wealth day with the hope of securing good fortune throughout the whole year, big gold companies launched a series of items such as Phuc-Loc-Tho gold statues or golden rat statues this year, in addition to traditional products such as golden rings.

One of the most popular and sought-after God of Wealth products in the Year of the Rat are the golden rat statues. Besides, gold rings and pendants in the shape of a mouse are also sought by many.

In addition to creating eye-catching gold products, many companies also designed attractive packaging for customers to buy their products as gifts for relatives and partners.

The domestic price of gold has reached its highest mark in 10 years, surpassing VND45 million ($1,956.52) per tael. Experts said that gold prices increased in part due to the demand on the day of the God of Wealth.

Opening the trading session on February 2, the domestic gold price was listed by Doji Jewelry Group at VND44.6/45.1 million per tael ($1,939.13/1,960.87 – buy/sell). Prices increased by VND250,000/300,000 a tael ($10.87/13.04) compared to the trading day on February 1.

To prepare for this year, Doji has launched 280,000 products, 30 per cent more than in 2018.

Phu Quy Company listed SJC gold at VND44.45/44.9 million per tael ($1,932.61/1,952.17). Prices increased by VND100,000 ($4.35) a tael for both buying and selling against the day before.

Nguyen Thu Huong, a salesperson of Phu Quy gold shop (Tran Nhan Tong, Hanoi), said, “To make it easier for customers, the company accepts advance payments. On the God of Wealth day, the customer will receive the product to ensure their luck for the year. Customers who buy early will get a better price.”

In the previous years, days before the main day, people often visited the gold shops to check the models and products before deciding on what to buy. On January 31 this year, three days before the God of Wealth, popular gold stores in Hanoi such as those in Tran Nhan Tong and Cau Giay, welcomed far fewer customers than in previous years.

At Bao Tin Minh Chau on Tran Nhan Tong Street, Le Thi Ha (Hai Ba Trung, Hanoi) said that her family often buys gold items on this occasion each year.

“Every year at this time, customers flood the gold store, sometimes they even have to queue up outside. This year, I am worried about the Coronavirus so I try to avoid crowded places. Therefore, instead of going with my niece, I was m the only one coming to see the products and the shops are less crowded,” she said.

Le Xuan Tien’s fa (Long Bien, Hanoi) said that his family often lined up to buy gold directly at stores in the day of God of Wealth. This year, Tien's family chose to order online to avoid crowded places during the Coronavirus.

According to economic expert Nguyen Hung, Vietnam Gold Traders Association (VGTA), gold enterprises have considered the God of Wealth day as the “gold festival” of the year.

Buyers on this day will push the demand up, making the price of gold often rises unreasonably. After that, the gold price will go down. Even so, people still defy to choose the gold product on the right day.

This year, because of the Coronavirus, to attract customers, many gold businesses have asked all employees to wear masks as well as giving masks to customers.

Doji has launched the programme "buy gold - receive a Japanese mask" on the God of Wealth. Customers who come to buy gold at Doji are also advised to wear masks to prevent disease.