Gold rush on God of Wealth Day in Vietnam: Long lines and surging prices
Friday, February 07, 2025, 14:14 GMT+7
People across Vietnam flocked to jewelry shops to buy gold on Friday, the 10th day of the first lunar month, known as the God of Wealth Day, driven by the belief that this tradition will bring good fortune and prosperity for the whole year.
Despite rising gold prices, crowds remain undeterred, eager to participate in the annual custom.
The website for Saigon Jewelry Company (SJC), the largest gold firm in Vietnam, was temporarily inaccessible due to overwhelming traffic as consumers rushed to check the price updates in the morning.
Phu Nhuan Jewelry JSC (PNJ), one of the country’s leading jewelry companies, quoted the prices of gold bars at VND90.3 million (US$3,570) per tael for selling and VND86.8 million ($3,430) per tael for buying, up VND500,000 ($19.7) and VND400,000 ($15.8) per tael, respectively, from Thursday.
Meanwhile, PNJ was selling 9999 gold rings at VND89.9 million ($3,550) per tael, up VND400,000 per tael compared to the day before, and buying for VND86.7 million ($3,432) per tael.
At Bao Tin Minh Chau, the price of gold rings was up by VND400,000 per tael, reaching VND89.95 million ($3,552) per tael for selling and VND86.5 million ($3,418) per tael for buying on Friday.
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| Residents wait for gold purchase at a gold shop in Ho Chi Minh City. Photo: Thanh Hiep / Tuoi Tre |
In Ho Chi Minh City, residents crowded gold shops early in the morning to make their purchases.
Some exchanged old jewelry for new pieces.
At a SJC shop, at 9:30 am, long queues were forming, with its parking lot nearly full despite the soaring gold prices.
The gold market in Hanoi also saw crowds at gold stores, long lines forming as customers tried to finalize their transactions.
At the Bao Tin Minh Chau shop on Tran Nhan Tong Street, customers were given a number and required to provide their identification details along with the amount of gold they wished to buy or sell.
Nguyen Thi Hoa, a resident of Bac Tu Liem District in Hanoi, shared that she has been buying one or two maces of gold rings on the God of Wealth Day for several years in hopes of securing luck and prosperity.
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| The parking lot of Saigon Jewelry Company (SJC) in Ho Chi Minh City is full on the God of Wealth Day, February 7, 2025. Photo: Thanh Hiep / Tuoi Tre |
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| A customer buys gold rings at a Bao Tin Minh Chau shop in Hanoi. Photo: Le Thanh / Tuoi Tre |
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| A gold shop in Hanoi is packed with customers on the God of Wealth Day. Photo: Le Thanh / Tuoi Tre |
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