Should you buy a lot or a little gold on God of Wealth day to pray for luck?

Is it necessary to buy gold on the day of the God of Wealth? Talking to Lao Dong reporter, feng shui expert Nguyen Song Ha said that it is not necessary to buy gold on the day of the God of Wealth to bring luck: "Eastern culture is that on the day of the God of Wealth, the place to keep and store finances should have gold and silver. This is believed to bring luck. So it is necessary to bring gold and silver into the house, not to buy. We can buy it a long time ago, or buy it new". Meanwhile, Dr. Nguyen Viet Chuc - Deputy Head of the Cultural - Social Advisory Council (Central Committee of the Vietnam Fatherland Front) said: "It is not necessary to buy gold, but if it is a habit, it can be done. I think it is not so rigid to say that it should not or cannot be done. However, first of all, you should be sincere. Before performing the ceremony, prepare your mind to be really bright". According to experts, luck and fortune come from many factors, not just buying and accumulating gold. For example, diligence, hard work, and constant efforts in work and life can also create luck. As long as we live well and work diligently, we will definitely have a lucky and successful day.

Plain round gold rings and SJC gold bars are popular products. Photo: Phan Anh

No strong fluctuations on God of Wealth Day? Regarding the risk of gold prices increasing sharply and then decreasing sharply after God of Wealth Day, representatives of some gold trading units said that this year there will not be too many fluctuations. Domestic gold will be affected by the world gold market. Mr. Nguyen Duc Anh - Deputy General Director of Bao Tin Manh Hai Joint Stock Company said: "Technically, before the 10th day of the first lunar month, we have a Lunar New Year holiday of about 7-10 days. At this time, the domestic market is closed but the world is still trading. There are years during this period, the world market enters a price increase phase, so when it opens after Tet, domestic gold increases sharply, making people think that businesses are pushing prices up. However, businesses do not have the need and ability to push prices up like that. This year is quite different, the Lunar New Year holiday coincides with the world market's downward phase. Therefore, when opening at the beginning of the year, prices do not increase as sharply as many previous years, and are relatively stable. However, as the day of the God of Wealth approaches, people's demand increases. The law of supply and demand is that when demand increases, prices will increase. However, in my opinion, there will not be a strong increase on the God of Wealth day this year".

World gold price forecast next week (February 19-23, 2024). Source: Kitco

Notably, the world gold price next week is receiving a less positive forecast from experts. Fourteen analysts participated in the Kitco News Gold Survey and Wall Street sees little upside potential for gold in the near term. Only three people, or 21%, expect to see higher gold prices next week. Meanwhile, eight analysts, or 57%, predict prices will fall, and three other experts, or 21%, predict that gold prices will trade sideways during this time. 221 votes were cast in Kitco's online poll, with the majority of investors remaining optimistic. 94 retail investors, or 42%, expect gold to rise next week. Another 72, or 33%, predict lower prices. Meanwhile, 55 respondents, or 25%, are neutral on the precious metal's short-term outlook.

Domestic gold price developments. The difference between buying and selling SJC gold is being widened by trading units. Chart: Khuong Duy

Gold price developments As of 3:40 p.m. on February 18, the domestic gold price listed by DOJI Group was 75.75 million VND/tael for buying; 78.35 million VND/tael for selling. The difference between the buying and selling prices of SJC gold at DOJI was 2.6 million VND/tael. Meanwhile, Saigon Jewelry Company listed the buying price of gold at 75.8 million VND/tael; 78.4 million VND/tael for selling. The difference between the buying and selling prices of SJC gold was 2.6 million VND/tael. The world gold price opened today's trading session listed on Kitco at 2,013.2 USD/ounce.

Laodong.vn Source