Sluggish sale of gold on day of God of Wealth

At the end of a long Tet holiday season, price of Saigon Jewelry Co (SJC) gold bullion in the first transaction of Lunar New Year fell by VND600,000 (US$28.8) per tael. 
 
The gold market remained sluggish yesterday, with most buyers buying small quantities, as little a 1/10th of a tael or half a tael--merely as a token of good luck on the tenth day of Lunar New Year.
 
Yesterday, the day of God of Wealth, bid and ask price of SJC bullion was VND44.85 million a tael and VND45.15 million a tael, down VND600,000 compared to days before Tet.

But by afternoon, it rose slightly to VND44.95 million a tael and VND45.25 million a tael.
 
Nguyen Minh Khoa from District 3 said he buys half of a tael or one tael every year on the tenth day of Lunar New Year that is believed the day of God of Wealth but on the ninth day, price of bullion fell sharply and fearing a further rise, he decided to buy one tael.
 
Owners of small amounts of gold bullion are concerned the market may soon accept only amounts upto one tael (37.5 grams), according to a draft decree recently released by the State Bank of Vietnam.
 
The bill, seen as a guideline for the gold bullion trading market, rules that only one tael of SJC gold bullion of 99.9 percent purity is eligible for transaction. Last year SJC was selected as the state gold brand name under State Bank of Vietnam bid, to control the market.
 
Saigon Jewelry Co currently produces seven different types of SJC gold bars, depending on weight, such as 1/20, 1/10, 1/5, 1/2, 1, 10 tael and 1 kilogram gold bars. 

By H. Nh. - Translated by Uyen Phuong

Other news