The domestic gold market is heating up with gold shops introducing various products to take advantage of huge demand on the God of Wealth Day - the 10th day of the Lunar New Year, which falls on February 14 this year.
The gold market heats up ahead of the God of Wealth Day (Source: VNA)
Hanoi (VNA) - The domestic goldmarket is heating up with gold shops introducing various products to takeadvantage of huge demand on the God of Wealth Day - the 10th day of the LunarNew Year, which falls on February 14 this year.
Legend has it that the God of Wealth returns toheaven on the 10th day of the lunar new year, so Vietnamese people have atradition of buying gold for luck and prosperity throughout the year.
Representatives from DOJI Gold & GemsGroup joint stock company (DOJI) said that the group has preparedmore than 300,000 products for the occasion, up more than 30 percent comparedto last year.
Thousands of gold products are also available atthe shops of other gold firms such as Sai Gon Jewelry Company Limited (SJC),Phu Quy and Bao Tin Minh Chau.
In addition to traditional products such asfigurines representing the God of Wealth and those with Phuc (Happiness), Loc(Prosperity), Tai (Wealth) and Tho (Longevity) written on them, gold companieshave also launched other items featuring the pig as it is the Year of the Pig.
Phu Nhuan Jewelry Joint Stock Company (PNJ) haslaunched figurines of the animal representing the year, golden pigs, made of 24carat gold and weighing two taels (a tael equals 37.5g) each, which areexpected to be a best seller.
Other major players like Doji, SacombankJewelry Company (Sacombank -SBJ) and SJC have also launched newproducts on the occasion.
Demand for gold products is also surging significantlyahead of the God of Wealth Day. Representatives from the Bao Tin Minh Chau goldcompany estimated that about 70 percent of transactions in its systempurchased, with jewellery especially popular.
Gold prices at some big companies like PNJ, SJCand Bao Tin Minh Chau are also starting to rise.
On the opening hour on February 12 morning, Dojilisted gold buying/selling price at 36.97/37.35 million VND (1,580/1,596 USD)per tael of SJC gold bar, up 20,000 VND for buying and 200,000 VND for sellingagainst the previous day. The gap between the buying and selling rate hit380,000 VND.
Phu Quy gold also quoted SJC gold bars at 36.97-37.15 million VND per tael, up 10,000 VND for buying and 20,000 VND forselling.-VNA
The domestic gold market did not show much fluctuations on June 15 after the Fed raised its prime rates, with gold prices moving around the mark 36 million VND a tael (37.5 grammes).
Transactions in the domestic gold bar market dropped sharply as many gold holders selling their precious metal for VND to reinvest in business, production and consumption.
Gold shops are stocking various products to take advantage of the huge demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year (February 25).
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The gold market heats up ahead of the God of Wealth Day (Source: VNA) 
