Gold prices bounce back following morning dip on God of Wealth day

By Quynh Trang, Tat Dat, Ngoc Thanh, Minh Son   February 19, 2024 | 12:35 am PT
Gold bar prices slid VND900,000 (US$36.68) in the morning then recouped VND500,000 in the afternoon on Monday, the God of Wealth Day, when demand for the metal often shoots up.

Early this morning, jewelry giant DOJI decreased its gold bars price by 0.19% to VND78.2 million ($3,187) per tael.

Giá vàng miếng giảm sau khi mở cửa ngày Vía Thần Tài. Ảnh: Ngọc Thành

Gold products embossed with images of dragons and the God of Wealth. Photo by VnExpress/Ngoc Thanh

Meanwhile, the Saigon Jewelry Company (SJC) initially kept its selling price steady at VND78.4 million per tael.

However, by 10:15 a.m., SJC announced a substantial reduction in its gold bar prices, cutting them by VND900,000, or 11.5%, to VND77.5 million per tael.

DOJI also adjusted its pricing, decreasing it by an additional VND700,000 to match SJC's price of VND77.5 million.

SJC reversed course in the afternoon, hiking its price to VND78 million per tael.

Gold ring prices remained stable at VND64.7 million at SJC, and VND65.9 million at jewelry company Bao Tin Minh Chau.

Due to a shortage over the past two days, many jewelry stores have been limiting gold ring sales to one mace (a mace = one tenth a tael) per customer.

Gold jewelry, typically priced at VND300,000 to VND400,000 less per tael than gold rings, also saw no price changes on Monday.

Contrary to the global trend, going up nearly $9 per ounce, gold bar prices are declining in Vietnam.

The global price stood at $2,021 per ounce, equivalent to VND60.15 million per tael.

Compared to the previous days, the gap between domestic and global gold bar prices has narrowed down to VND17 million per tael.

However, the price of gold rings is still VND4.5-5 million per tael more expensive than international prices.

Buying gold on the God of Wealth Day (the 10th day of the lunar year, or Feb. 19 this year) is believed to bring good fortune throughout the year.

Despite the early gold bar price decrease, gold stores were not as crowded in the morning as in previous years.

A VnExpress reporter noted that only around 30-40 customers were present at the SJC Nguyen Thi Minh Khai store in Ho Chi Minh City's District 1 at 7 a.m., mainly to purchase gold bars and dragon-embossed gold coins.

The usual bulk of customers were spread across the previous days, which helped reduce overcrowding this morning, the store’s representative said.

An, an office worker who took her child to school this morning then stopped by the SJC store on her way to work and bought a dragon-embossed gold coin as a lucky charm.

"I do this every New Year as a way of accumulating wealth. I am not too concerned about investment or profit," she said.

Around 8:30 a.m., the ring counter at SJC began to attract more customers, most of whom purchased one or two taels of gold rings.

Dung, from HCMC’s District 5, came to buy two taels of gold rings and one gold coin embossed with the image of the God of Wealth.

She said she has always favored these types of gold products for their price stability.

Gold stores in Hanoi had a similar slow early morning until buyers started flocking in at around 9:20 a.m.

At a store on Cau Giay Street, customers had to wait on the pavement outside due to overcrowding.

Một tiệm vàng trên đường Cầu Giấy đông nghịt khách. Ảnh: Minh Tuấn

Customers waiting outside of a gold store on Cau Giay Street in Hanoi. Photo by VnExpress/Minh Tuan

Minh Huyen, a senior university student, said that this was her first-time buying gold on the God of Wealth Day.

"The price of gold has risen sharply recently, which has made me more interested in this investment channel. Me buying gold today is both for spiritual reasons and for investment," Huyen said, adding that she was not worried about the possibility of gold prices decreasing because she does not plan to sell it in the short term.

Quỳnh Trang - Tất Đạt - Ngọc Thành - Minh Sơn

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