Will the price of gold increase on the God of Wealth’s Day in 2024?

The domestic price of SJC gold has been experiencing narrow fluctuations in recent days. This precious metal is expected to rise even higher on the Day of the Wealth God in 2024.

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Gold prices slightly increase on the afternoon of the 30th Tet

In the early afternoon of February 9, 2024, which is the 30th day of Tet Giap Thin, SJC gold prices domestically did not fluctuate much. At 14:30, Saigon Jewelry Company (SJC) listed the buying price of SJC gold at 76.7 million VND/tael and the selling price at 78.9 million VND/tael.

Compared to the morning of the same day, the prices of SJC gold at this company remained the same for the buying price and decreased by 20,000 VND for the selling price. The buying-selling price difference at this company is currently 2.2 million VND/tael.

SJC gold prices listed at Saigon Jewelry Company. Screenshot taken on February 9, 2024

Similarly, at Bao Tin Minh Chau Company, SJC gold prices in the afternoon were at 76.75 million VND/tael for buying and 78.9 million VND/tael for selling. Compared to the morning of the same day, the prices of SJC gold at this company remained the same for the buying price and increased by 50,000 VND for the selling price.

SJC gold prices listed at Bao Tin Minh Chau Company. Screenshot taken on February 9, 2024

The gold buying-selling price difference is currently above 2 million VND/tael. This price difference is considered high. Investors face the risk of losing when buying and selling gold at the same time.

Gold prices fluctuate on the Festival of Wealth over the years

On the days before Tet Nguyen Dan Giap Thin, domestic SJC gold prices fluctuate with a narrower range compared to previous days and are always close to the selling price of 79 million VND/tael. However, according to economic experts, the price of this precious metal will increase even more during the Festival of Wealth in 2024 (the 10th day of the 1st lunar month).

In previous years, on the Festival of Wealth, gold prices were usually pushed higher than usual. Along with that, the price difference of gold on the day of the Festival of Wealth was also pushed higher than in other trading sessions.

Specifically, on the day of the Festival of Wealth in 2018 (February, 25, 2018), Saigon Jewelry Company listed gold prices at 36.8 – 37.04 million VND/tael for buying and selling. DOJI Group listed gold bullion at 36.8 – 37.6 million VND/tael.

On the 10th day of the 1st lunar month in 2019 (February 14, 2019), DOJI Group recorded SJC gold prices at 36.8 – 37.5 million VND/tael. At Saigon Jewelry Company, gold prices were at 36.75 – 37.07 million VND/tael.

In 2020, on the day of the Festival of Wealth (February 3, 2020), DOJI Group recorded higher prices compared to the previous year, at 44 – 45 million VND/tael for both buying and selling. At Saigon Jewelry Company, gold prices were listed at 44.1 – 44.82 million VND/tael for buying and selling.

Summary of SJC gold prices over the years on the Festival of Wealth at Saigon Jewelry Company.

Then in 2021, on the Festival of Wealth (February 21, 2021), SJC gold prices continued to increase. As recorded, Saigon Jewelry Company adjusted gold prices to 55.65 – 56.37 million VND/tael for buying and selling. The buying price was at 55.65 million VND/tael and the selling price was at 56.3 million VND/tael at DOJI Group.

On the day of the Festival of Wealth in 2022 (February 10, 2022), gold prices were listed at DOJI Group at 61.1 – 62.7 million VND/tael for buying and selling. Saigon Jewelry Company adjusted gold prices to 61.7 million VND/tael and 62.72 million VND/tael.

The Festival of Wealth in 2023 is considered a “strange” year as gold prices have opposite fluctuations compared to the strong demand of the people. Specifically, on January 31, 2023, which is the 10th day of the 1st lunar month, SJC gold prices opened the morning session and increased sharply in the afternoon selling session but decreased in the buying session. Saigon Jewelry Company (Hanoi) listed gold prices at 66.30 – 67.72 million VND/tael (for buying and selling); decreasing by 100,000 VND/tael in the buying session but increasing by 300,000 VND/tael in the selling session. 9999 gold prices at Phu Quy Corporation were listed at 66.20 – 67.20 million VND/tael (for buying and selling).

With the fluctuation range of gold prices in recent days, many experts forecast that gold prices will increase even more during the Festival of Wealth in 2024.

Buying gold for luck

Although gold prices fluctuate continuously during the Lunar New Year, there are still many buyers because they believe that buying gold is for luck for the whole year, not for investment, so they do not pay attention to the change in gold prices.

Many people believe that buying gold on the Festival of Wealth is for luck for the whole year, not for investment.

Mrs. Thu Phuong (Co Nhue, Bac Tu Liem, Hanoi) said that for about the past 5 years, she has been going to buy gold at 5 am. The largest amount of gold she bought was 5 taels, and normally it was 2 taels. For the past 5 years, Mrs. Phuong has always chosen transparent gold ring products.

SOURCEcafef
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