Gold stores see high foot traffic prior God of Wealth Day

SGGP
City dwellers flocked to gold stores to buy the precious metal on the occasion of the Day of the God of Wealth (the tenth day of the lunar New Year) with the hope for luck and prosperity in the New Year, causing the price to highly jump on February 13.

Customers buy gold products ahead of the Day of the God of Wealth at a gold store in Ho Chi Minh City. (Photo: SGGP)

Customers buy gold products ahead of the Day of the God of Wealth at a gold store in Ho Chi Minh City. (Photo: SGGP)

Big gold traders said that they had prepared a great amount of jewelries and gold products relating to the God of Wealth so as to meet rising demand during the Day of the God of Wealth. In the past week, gold workshops of Saigon Jewelry Company (SJC), the largest gold producer and trader in Vietnam, have made an average of 1,000 taels of gold while its production was at 500-600 taels earlier.
Representative of SJC said that demand for God of Wealth gold products was rather high, especially in the past few days.
Representative of Phu Nhuan Jewelry Company also said that it have prepared enough goods for its network of 330 jewelry stores across the country. Besides traditional products like gold bars inscribed with the words of Happiness (Phúc), Wealth (Tài) and Prosperity (Lộc), a variety of other items featuring images of the pig to mark the Year of the Pig was launched.
Gold stores of SJC and PNJ saw lots of customers going there to buy gold and jewelry that sometime some stores had to announce that they had sold out gold bars weighing one, two and five chỉ (3.75 gram each). Some customers said that they bought jewelry instead of gold bars which are for storage only.
The price of the 24-karat gold rings was at VND37.3-37.5 million per tael (1.2 ounces), much higher than that of gold bars which were sold at VND37.1 million and bought at VND36.89 million a tael. Thus, the price of gold rings was VND100,000- VND340,000 per tael higher than that of gold bars. Gold traders said that as demand for gold products in small quantity strongly surged, they have raised the prices of these kinds.

By Nhung Nguyen – Translated by Thuy Doan

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