Gold trading businesses are seeing a surge in the price of gold as the God of Wealth Day approaches. The Saigon Jewelry Company Limited (SJC) listed SJC gold at VND76.1 million (US$3,103) per tael for buying and VND78.6 million (US$3,205) for selling, signifying a decrease in buying price and an increase in selling price compared to the previous day’s transaction. Additionally, the SJC sold its 9999 gold at VND63.7 million (US$2,598) per tael for buying and VND64.8 million (US$2,643) per tael for selling, showing an increase in both buying and selling prices compared to the previous session.
In Hanoi, Doji Group also reported a decrease in buying price and an increase in selling price for SJC gold. This increase in gold prices is happening concurrently with the recovery of the world gold price, which has surpassed US$2,000 per ounce. It is evident that the approaching God of Wealth Day has sparked a significant jump in gold prices.
Additional insight:
– The God of Wealth Day, also known as “Tet Nguyen Tieu” in Vietnam, is a traditional festival celebrated by ethnic Chinese and Vietnamese communities. It is believed to bring good luck and prosperity for the year ahead. Gold and other precious metals are often exchanged as gifts during this time, leading to an increase in gold trading and price fluctuations.
– The surge in gold prices leading up to the God of Wealth Day suggests that there is increased demand for gold as people prepare for the festival. This phenomenon reflects the cultural and traditional significance of gold as a symbol of prosperity and good fortune in Vietnamese and Chinese culture.
