On February 17, on Tran Nhan Tong Street (Hai Ba Trung District, Hanoi), people continued to line up to buy gold at major stores. In fact, the crowd was even larger than in previous days, making the gold market on the day of the God of Wealth 2024 very busy.
However, according to observations, most customers only bought a small amount of gold, with the mentality of seeking luck at the beginning of the year and not spending too much money to buy a lot of gold.
On February 17, customers lined up to buy gold before the day of the God of Wealth.
When asked for the reasons, many customers said that the difficult economy made it more necessary to save money for basic needs, while buying gold at the beginning of the year was just a habit and a traditional belief, so it was okay not to buy too much at this time.
“Now is the beginning of the year, with a long road ahead, with many difficulties and plans to calculate and spend money. Therefore, my wife and I have decided to use only a small amount of our financial resources to buy 5 taels of gold, with the main purpose of seeking luck. It has already cost us nearly 40 million dong, which, in my opinion, is an affordable investment for people with average income like me,” shared Mr. Duc Canh (Ha Dong District).
Speaking more about the goal of buying gold for storage, Mr. Canh said that he was not very fond of gold because the price of gold has fluctuated dramatically recently, so he did not dare to risk buying gold for storage at this time. “I am not an expert, nor am I good at analyzing gold price trends. Therefore, to be safe, I will not buy gold for storage or investment at this time, in case I cannot sell it in time,” he said.
Also waiting in line to buy two taels of lucky gold rings on the day of the God of Wealth, Mr. Nguyen Minh Thuy (Hai Ba Trung District) said: “Last year, I bought a large amount of gold. This year, even though I still have money, I will only buy 3 or 4 taels of gold rings to follow the annual tradition.”
“The reason is that the price of gold is still too high. Although it hasn’t been increasing dramatically like before Tet, it is still much higher than the world price. Buying a lot at this time is risky, not to mention that the price can reverse at any time. In that case, buying for luck will turn into a loss at the beginning of the year,” he said.
Mr. Thuy decided to buy only two taels of gold rings for luck to guard against a price reversal.
Sharing the same concern as Mr. Thuy, many customers are cautious about holding a lot of gold on the day of the God of Wealth, a time when the price of precious metals often peaks and then drops quickly.
“In this difficult economic period, when employment is not truly stable, the decision to spend money, especially in large amounts, needs to be carefully calculated. To me, the day of the God of Wealth is a familiar custom, and every year I buy gold on this occasion. But I believe that this action must depend on specific financial conditions and mainly serves to relieve stress and create excitement for myself in the new year. I will not try to follow the trend of hoarding gold while my source of money is limited,” said Ms. Thanh Thuy in Vinh Tuy (Hai Ba Trung District).
Currently, on the market, gold shops are offering many gold products with different values, suitable for various customer segments. Gold bars and 1-5 tael gold rings are very popular. “These are traditional products that attract buyers every year and are always sold out early because they are affordable for the majority of customers,” said a staff member at a large store on Tran Nhan Tong Street.
Some unique gold products are being sold on the day of the God of Wealth 2024.
This staff member also said that this year, there are more small-value gold products available because the store has predicted that customers tend to buy in this price range. However, businesses are still confident that they will sell high-value products because there are still many potential customers with abundant financial resources, ready to buy gold for storage or consider gold as an investment channel.
“I believe that on the day of the God of Wealth, there will still be customers who buy a large amount of gold. It’s the same every year, some customers prefer to buy a lot of gold,” predicted this staff member.
At 2 p.m. on February 17, SJC gold was listed at buying-selling prices at 76.1 – 78.6 million dong/tael, a decrease of 100,000 dong/tael for buying and an increase of 200,000 dong/tael for selling compared to the previous session. The buying-selling spread is over 2.5 million dong/tael.
