For the past 10 years, on the day of the God of Wealth, people have flocked to buy gold to pray for a prosperous new year, good business and prosperity. However, there is also a debate in the market about whether or not to buy gold on the day of the God of Wealth.
Cultural expert Dr. Dinh Duc Tien (Faculty of History, University of Social Sciences and Humanities) said that buying gold on the day of the God of Wealth is just a popular concept. Therefore, on the day of the God of Wealth, how much gold to buy depends on each family's circumstances, it is okay not to buy.
However, from a spiritual perspective, buying gold for luck at the beginning of the year meets people's legitimate needs, motivating them to strive in the new year.
Not only having spiritual meaning, buying gold at the beginning of the year is also considered a form of saving for many Vietnamese people.
According to Dr. Dinh Duc Tien, in the past, only business people bought gold to pray for good fortune in the new year. Gradually, people also began to flock to buy gold on the day of the God of Wealth.
In recent years, the price of gold in the market has always fluctuated strongly on the occasion of the God of Wealth's day. Accordingly, on the God of Wealth's day, the price of gold is often pushed up to a very high level. After that, the price of this precious metal drops sharply in the next few trading sessions.
Since the end of 2023, gold prices have fluctuated violently. This precious metal entered a vertical uptrend and reached an all-time high after only a few trading sessions before turning around and falling sharply.
The world gold price on February 15 stopped at 1,990 USD/ounce after plunging in the previous session. The price of SJC and DOJI gold bars dropped sharply and then rebounded, fluctuating from 78.45-78.82 million VND/tael for sale.
Currently, the price of gold is still sky high, causing many people to wonder what kind of gold they should buy on the day of God of Wealth to bring good luck while minimizing risks when prices fluctuate strongly.
Talking to PV.VietNamNet , according to economic expert Dinh Trong Thinh, on the occasion of God of Wealth's day in previous years, gold prices often increased due to people's sudden increase in demand for gold for luck.
In recent days, world gold prices have plummeted, however, gold prices on this God of Fortune occasion may remain high but will be lower than the peak at the end of 2023.
Mr. Thinh predicts that the price of SJC gold bars may fluctuate down to a low level, while the price of gold rings will fluctuate up due to increased demand for this type of gold in the market in the coming days.
Because, on the occasion of God of Wealth day, the number of people buying gold increases sharply and often choose to buy gold with small denominations of 1-2 taels, or even only buy 0.5 taels. Therefore, gold rings are more popular, the price will also fluctuate and stay higher than usual. Meanwhile, SJC gold bars with large denominations, which are usually not as popular as gold rings on God of Wealth day, can decrease sharply following the world trend.
So, which type should you buy on God of Wealth Day 2024?
Expert Dinh Trong Thinh said that if buying gold for luck, depending on each family's conditions, they can buy a little or a lot, any gold is fine as long as the quality of this precious metal is guaranteed.
“In fact, on God of Wealth day, the number of people buying gold increases dramatically, but the amount of gold sold does not increase too much because most people who come to gold shops only buy a small amount of gold,” he said.
Regarding gold prices, according to Mr. Thinh, people should choose gold rings, because they are much cheaper than SJC gold.
The fluctuation of gold ring prices in our country is also closely following the world gold price. Therefore, choosing to buy gold rings is both to pray for luck and to minimize risks when prices fluctuate strongly. Because, people who buy gold for the God of Wealth will usually keep this gold until the end of the year and not sell it immediately, he emphasized.
Not to mention, the difference between the selling and buying price of gold rings is also smaller than that of gold bars. Accordingly, buying gold rings when selling will be more profitable than gold bars.
In fact, the price difference between gold rings and SJC gold in our country is quite large. For example, in the trading session on February 15, SJC gold price was listed by Bao Tin Minh Chau at 78.7 million VND/tael for sale, while round gold rings (blister type) were priced at only 65.83 million VND/tael. That means gold bars are 12.87 million VND/tael higher than gold rings.
The difference between buying and selling price of gold rings is 1.1 million VND/tael and gold bars is 2.1 million VND/tael.
Similarly, DOJI Hanoi's 9999 round ring is listed at 65.25 million VND/tael for sale, while SJC gold is priced at 78.45 million VND/tael. The difference is up to 13.2 million VND/tael.
The director of a gold business in Xa Dan (Dong Da, Hanoi) said that buying gold in a blister pack, whether it is a plain round ring or gold bar, will not incur any fees when reselling. With gold jewelry, when buying, customers will be charged an additional processing fee depending on each product, and when selling, this fee will not be recovered. Therefore, depending on each person's needs, they can choose to buy the appropriate gold product on the occasion of the God of Wealth.
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