On the day of God of Wealth (10/1 Lunar calendar), many people often have the habit of buying gold for luck according to folk beliefs. So, should we buy gold on this occasion, and if so, what type of gold should we choose when the domestic gold price is increasing sharply?

Sharing with VietNamNet reporter , gold expert Tran Duy Phuong said that in the market, there are currently many types of SJC gold, gold rings, God of Wealth gold, zodiac gold... for people and investors to choose to buy.

However, according to him, buying gold on God of Wealth day is mainly to buy luck at the beginning of the year; therefore, you should only buy a small quantity of a few taels, not a large quantity.

Between SJC gold and ring gold, which one should I buy?

Answering this question, Mr. Phuong said that it is necessary to consider the selling price of these two types. If the price of SJC and gold rings are similar, then you should buy SJC gold, because this type of gold has high liquidity and can be sold anywhere in the country.

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According to experts, you should only buy 1-2 taels of gold for luck on the occasion of God of Wealth's day, and should not buy in large quantities. Photo: Minh Hien

“If SJC has 1-2 chi, you should buy it. If not, you should buy 1-2 chi gold rings or God of Wealth gold. However, God of Wealth gold, animal-shaped gold, money jar-shaped gold, etc. that are produced by the enterprise itself will be difficult to sell elsewhere. Moreover, when buying these types of gold, the buyer must pay an additional fee of several hundred thousand to a million dong, depending on the type,” Mr. Phuong recommended.

According to the expert, from after Tet to the God of Wealth day, the buying power of gold is quite strong among the people. This causes the domestic gold price to be "pushed" higher than the normal level.

Normally every year, right after God of Wealth Day, domestic gold prices will decrease by 1-2 million VND/tael compared to the price before and during God of Wealth Day; this year will be no exception.

“At this stage, the world gold price is at a high level, and there is also a potential risk of a downward adjustment in the coming time. Therefore, if you invest in large quantities, dozens of taels at this time, it is not advisable because this is not the time to invest in gold.

You should wait until the end of February or the beginning of March, after the God of Wealth season, domestic demand will decrease, and gold prices will be closer to world prices. Currently, domestic gold prices are over 2 million VND/tael higher than world gold prices," Mr. Phuong added.

Also sharing with VietNamNet, Dr. Nguyen Tri Hieu, an economic expert, advised people not to buy gold on God of Wealth Day because at this time the price often increases, then drops very quickly.

“Buying gold on God of Fortune Day with the hope of making a profit is very risky,” Mr. Hieu emphasized.

However, for those who still want to buy gold but do not know which type of gold to choose, SJC or ring gold, Mr. Hieu said that these two types of gold have differences.

“If you buy gold for jewelry purposes, you should buy gold rings, but if you buy gold for investment, you should buy SJC gold bars,” Mr. Hieu suggested.

Besides, the expert also said that if after the God of Wealth day, the gold price drops significantly compared to before the God of Wealth day, then you should buy it.

“Domestic gold has been boiling over in the past few days, prices have increased due to demand; while world prices have exceeded the 2,800 USD/ounce mark. World gold prices may increase even higher. The gold market is now returning to a “fever” in the world and in Vietnam,” Mr. Hieu added.

Gold price today 2/4/2025 skyrocketed over 90 million VND, SJC gold and rings exploded. Gold price today 2/4/2025 in the saliva SJC and gold rings in the early afternoon decreased 300,000 VND according to world prices but were still at the peak, over 90 million VND/tael. Doji gold kept the same price of 90.6 million VND before the God of Wealth's day.