Gold prices decrease slightly in God of Wealth day

February 14, 2019 | 15:40

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While the price of gold has been steadily inching up, a single day before the God of Wealth day prices began to drop to stimulate demand.

gold prices decrease slightly in god of wealth day

Gold prices decreased slightly for the rush on God of Wealth day

As the day of the God of Wealth or the tenth day of the first lunar month drew near, the demand to buy gold among local residents has shot up, while prices are adjusted northward by gold merchants across the nation.

However, contrary to the previous years, one day before the God of Wealth day (February 14 this year), the buying price of gold plunged by VND190,000 ($8.26) per tael and the selling price by VND150,000 ($6.52) to stimulate people to buy gold.

The price of SCJ gold in Hanoi this morning (February 14) continued to drop by VND30,000 ($1.3) per tael against yesterday to VND36.75-37.07 million ($1,597-1,611) per tael (buy-sell price).

The Rong Thang Long brand (Thang Long Dragon) of Bao Tin Minh Chau also fell in the early morning of February 14 by VND260,000 ($11.3) per tael for buying and VND10,000 ($0.43) per for selling. Currently, Bao Tin Minh Chau is listed at VND36.60-37.30 million ($1,591-1,621) per tael.

On the world gold market, last night, the price of gold dropped by $4.5 to $1,305.9 per ounce. In Asia, in the morning of February 14, gold inched up to nearly $1,308 per ounce.

Relying on gold for a whole year of good luck is a tradition followed by quite a number of Asian nations, including Vietnam for years.

From very early in the morning, buyers have been lining up in front of gold shops in major cities in Vietnam. Vietnamese people keep have the tradition of purchasing gold on this day to bring good fortune and prosperity throughout the lunar year.