How much % has the price of gold bars on God of Wealth Day increased from 2018 to now?

Gold price today February 19, 2024: Domestic gold prices fell across the board on God of Wealth's day. Economic and market news February 19, 2024: Gold prices on God of Wealth's day fell to a record low in the buying direction.

For over 10 years now, Vietnamese people have had the habit of buying gold on God of Wealth Day (the 10th day of the first lunar month). Therefore, the price of gold on this day often increases dramatically every year.

Ngày vía thần tài, từ 2018 vàng miếng tăng bao nhiêu %?

Businesses arrange gold purchase registration points on January 10 (Photo: Phuong Thao)

The difference in gold buying and selling prices on God of Wealth day also depends on each business, however the difference is not significant.

For example, on the God of Wealth Day in 2018, the gold price of large enterprises in Vietnam fluctuated between the lowest buying price of 36.8 million VND/tael and the highest selling price of 37.6 million VND/tael.

In 2019, the lowest gold buying price was 36.75 million VND/tael, the highest selling price was 37.5 million VND/tael. In 2020, the lowest gold buying price was 44 million VND/tael, the highest selling price was 45 million VND/tael.

In 2021, the lowest gold buying price was 55.65 million VND/tael, the highest selling price was 56.37 million VND/tael.

In 2022, the lowest gold buying price is 61.1 million VND/tael, the highest selling price is 62.72 million VND/tael.

In 2023, the lowest gold buying price is 75.8 million VND/tael, the highest selling price is 78.4 million VND/tael.

On God of Wealth Day 2024 (February 19, 2024), the lowest gold buying price is 75.4 million VND/tael, the highest selling price is 78.42 million VND/tael.

Thus, after only 7 years, the two-way buying and selling price of gold bars has increased by over 200%.

Transaction counter at Bao Tin Minh Chau on the morning of February 19, 2024 (January 10) - Photo by Phuong Thao

According to experts, gold bars are more expensive than gold rings for the following main reasons: Gold bars are exclusively produced by the State Bank, so supply is limited, while gold rings can be produced by any company/enterprise with a business license.

On the other hand, gold bars are bought by investors for long-term storage, especially in the context of unpredictable fluctuations in the world economic and political situation. In addition, "crowd psychology" is also a factor that causes gold bars to increase in price higher than the world price.

In the past, the economy was still difficult, so people rarely bought gold except for those who did business and those who had the means. However, for more than 10 years now, on God of Wealth Day, people in many provinces and cities across the country have flocked to buy gold for luck with the belief that: Gold symbolizes wealth, prosperity, "good business, good sales" in the new year, so the more gold you buy on God of Wealth Day, the more wealth and prosperity you will have.

Some experts say that these things have no scientific basis, but psychological factors combined with better living conditions gradually become habits. As demand increases and becomes more diverse, gold trading enterprises have also introduced many diverse products as well as sales channels and promotional programs to attract customers. In addition to gold bars, gold rings, bracelets, earrings and many other decorative items are studded with gold.

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