For many Vietnamese people, gold is not simply an investment vehicle but a safe haven. People want to hold gold to protect against unforeseen circumstances and risks. It is estimated that around 400 tons of gold are still held in people's safes.

Even though they already own a huge amount of gold, many people still like to buy more gold on the day of the God of Wealth to pray for good luck and prosperity. This is also why, every year on the day of the God of Wealth, from early morning to late night, gold shops are often crowded with people queuing for hours to buy gold.

Gold dealers acknowledge that on the annual God of Wealth Day, the number of customers increases dramatically, by 20-40 times compared to normal days, despite the sharp rise in gold prices. And each year, the number of gold products sold on God of Wealth Day increases even more than the same period the previous year.

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It is estimated that around 400 tons of gold are stored in people's safes (Illustrative image: Linh Linh)

According to folklore, the God of Wealth is a deity who lives in heaven and oversees matters of money. Once, while descending to the mortal world, he got drunk, hit his head on a rock, and lost his memory. During his wanderings in the human world, the clothes he was wearing were sold by the people.

When the God of Wealth was wandering around begging for food, a shop selling chickens and ducks invited him to eat, and from then on, that shop was packed with customers.

After some time, the shop owner noticed that the God of Wealth did nothing but eat with his hands, so he no longer allowed him to stay. Unexpectedly, the shop's business declined and customers dwindled from then on.

Seeing this, many other merchants sought out the God of Wealth, inviting him to their homes and buying him new clothes. Fortunately, the God of Wealth bought back his old clothes, put on his hat, and flew back to heaven. Since then, many people have considered the 10th day of the first lunar month as the day the God of Wealth ascends to heaven.

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People jostle to buy gold for good luck at a shop on Tran Nhan Tong street on the day of the God of Wealth festival (Photo: Tam An)

On the day of the God of Wealth festival, in addition to buying roasted pork, roasted duck, snakehead fish, etc., to offer as sacrifices, people also flock to buy gold to pray for good luck and fortune.

In 2023, gold prices went wild. From a low of 67 million VND at the beginning of the year, they soared to a peak of 80.3 million VND/ounce for the selling price in the final trading sessions of the year. Therefore, on the God of Wealth Day in 2023, buying SJC gold bars at 67.82 million VND/ounce and holding them until today (February 15th) would have yielded a profit of nearly 9 million VND/ounce.

So, on the day of the God of Wealth festival in 2024, which day is best to buy gold to pray for good luck and abundant wealth?

In 2024, the God of Wealth Day (the 10th day of the first lunar month) will fall on a Monday (February 19th).

The stores have prepared a large quantity of goods, amounting to millions of products including SJC gold bars, plain gold rings, gold coins, gold ingots, gold jewelry, gold handicrafts, etc., to serve the gold buying needs of people during the God of Wealth festival.

At the same time, most gold shops opened at 6 am to welcome customers instead of the usual 8 am. The businesses also confirmed that the opening hours for selling gold would continue until all customers had bought gold.

In addition to direct gold purchases and QR code payments instead of cash as before, gold and silver businesses are also offering online sales. Customers who order gold before the God of Wealth Day can choose between two delivery options: receiving gold directly at the counter at a pre-arranged time, or having it delivered to their home. The launch of online sales also aims to reduce the pressure of long queues at gold shops.