Buy gold on God of Wealth day, profit 39 million VND/tael after 5 years

This is what Ms. Nguyen Thanh Xuan from Hoang Mai ( Hanoi ) shared with VietNamNet reporters after selling all the gold she had bought on the God of Wealth Day from 2019 to 2023. She recalled that 2019 was the first year she bought gold on the God of Wealth Day. At that time, she gathered all her children's New Year's lucky money and her and her husband's Tet bonuses to buy 2 taels of SJC gold bars. “After buying it, many people told me I would lose out because the price of gold is usually pushed up to a high level on the God of Wealth Day and then drops sharply,” she said. However, because she bought it both for good luck and for savings, she didn't pay too much attention to the price difference. In subsequent years, she continued to buy gold on the God of Wealth Day. Depending on her family's financial capabilities, she bought a suitable amount of gold. Some years she could only afford 1 tael, while other years she could buy 2-3 taels. Like last year, SJC gold bars were priced at 67.2 million VND, so she could only afford to buy 1 tael (approximately 37.5 grams).

Many people have a habit of buying gold on the day of the God of Wealth and keeping it for many years (Photo: Tam An)

“I kept that gold for several years, and now I’m selling it all,” Ms. Xuan said. According to her, the 2 taels of gold she bought in 2019 yielded a profit of over 39 million VND per tael; the gold bought in 2020 yielded a profit of nearly 32 million VND per tael… Even the gold bars she bought last year, when sold now, brought in nearly 10 million VND per tael. Calculating, after 5 years of hoarding money to buy gold on the God of Wealth Day, she now boasts a profit of nearly 230 million VND. For many Vietnamese people, gold is not simply an investment but a safe haven. People want to hold gold to protect against unforeseen circumstances and risks. It is estimated that about 400 tons of gold are still held in people’s safes. Not only for accumulation and risk prevention, but for the past 10 years or so, on the God of Wealth Day, people often flock to buy gold to pray for a prosperous new year, good fortune in business, and wealth and prosperity. Mr. To Hoa Binh from Dong Da district (Hanoi), although not involved in any trading, has been buying gold on the God of Wealth's Day for the past 15 years to pray for good fortune for his family. Sharing with VietNamNet reporters , Mr. Binh said: “Every year I buy 2 taels of gold, one tael each for my wife and me. In the first one or two years, after buying the gold on the God of Wealth's Day, I needed the money for something so I had to sell it immediately. But for many years now, I just buy and store it.” If he were to sell this gold now, Mr. Binh would make a very high profit. In Vietnam, on the God of Wealth's Day, hundreds of thousands of people flock to gold shops. Some buy only 0.5 tael, others buy several taels, and some even carry sacks of money to buy gold, regardless of the sharp price fluctuations after the day.

Gold prices on the afternoon of the God of Wealth Day increased sharply compared to previous years (Graphic: Tam An)

So, what kind of profit would those who bought gold on the God of Wealth Day have made if they held onto it until now? In reality, from 2018 to the present, gold prices have entered a period of intense volatility with a steep upward trend. From a selling price of 36.44 million VND/ounce in the first trading session of 2018, it surged to a historical peak of 80.3 million VND/ounce on December 27, 2023, before falling to 74.02 million VND in the last trading session of 2023. The SJC gold price closed lower on February 16th at 78.6 million VND/ounce after reaching a peak of 79 million VND/ounce in the early morning due to strong buying demand during the God of Wealth Day. Accordingly, in the period from 2018-2023, the price of gold on the God of Wealth Day (the 10th day of the first lunar month) recorded an upward trend year after year. Specifically, on the God of Wealth Day in 2018 (February 25, 2018), Saigon Jewelry Company (SJC) in Hanoi listed the price of gold bars at 37.04 million VND/ounce for the selling price. On the God of Wealth Day in 2019 (February 14, 2019), the price of SJC gold bars was recorded at 37.07 million VND/ounce. This price remained almost unchanged compared to the God of Wealth Day in 2018.

Profit margin when buying gold on the day of the God of Wealth and selling it on the last trading day of the year (graphic: Tam An)

On the God of Wealth Day in 2020 (February 3, 2020), SJC gold bars were priced at 44.42 million VND/ounce (selling price). Compared to the God of Wealth Day in 2019, the price of gold bars increased by 7.35 million VND/ounce. In 2021, on the God of Wealth Day (February 21, 2021), the price of SJC gold was 56.37 million VND/ounce. On the God of Wealth Day in 2022 (February 10, 2022), this precious metal was listed at 62.67 million VND/ounce. Last year, on the God of Wealth Day (January 31, 2023), the price of SJC gold bars was 67.72 million VND/ounce (selling price). Many people buy gold on the God of Wealth Day for good luck and will hold onto it until the end of the year before selling it. Accordingly, those who bought gold on the God of Wealth Day in 2018 and sold it at the end of the year would lose 0.71 million VND per tael. However, buying gold on the God of Wealth Day in 2019 and selling it at the end of the year would yield a profit of 5.13 million VND/tael; in 2020, the profit would be 11.13 million VND/tael; and from 2021-2023, the profits would be 4.38 million VND/tael, 3.23 million VND/tael, and 3.28 million VND/tael respectively. And if one held onto gold purchased on the God of Wealth Day from 2018 until now (February 16, 2024), the profit would range from approximately 9 million VND to 39.56 million VND per tael, depending on the year of purchase.

With prices hovering around a peak of 79 million VND, people are scrambling to buy gold ahead of the God of Wealth Day.

Today's gold prices are fluctuating, hovering around 79 million VND per tael. For the past two days, people have been crowding gold shops ahead of the God of Wealth Day.

With prices soaring, should you buy SJC gold rings or gold bars on the day of the God of Wealth?

Many people maintain the tradition of buying gold for good luck on the day of the God of Wealth. With gold prices soaring, should you buy gold rings or SJC gold bars to ensure good fortune while minimizing risk from price fluctuations?

Having hoarded 400 tons of gold, what day in 2024 is the auspicious day to buy gold for good luck?

Even though many people have accumulated a total of around 400 tons of gold in their safes, they still like to buy gold for good luck on the day of the God of Wealth. So, what day is the God of Wealth Day in 2024 to buy gold for good fortune and wealth?

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