Plain rings 1 - 2 chi "sold out" early
Talking to Thanh Nien , Ms. Bui Hong Tam, General Director of Ancarat Joint Stock Company, said that to serve the occasion of God of Wealth this year, Ancarat prepared 30,000 products of all kinds including: 24K gold jewelry, 24K gold lucky money, 18K gold jewelry with the theme of money and luck.
Many rich gold products are prepared by businesses to serve people's need to buy gold for luck at the beginning of the year, especially on the day of God of Wealth.
Other gold and silver businesses such as Bao Tin Minh Chau, DOJI… also prepare a variety of products to serve people's need to buy gold for luck at the beginning of the year, especially on the day of the God of Wealth.
A representative of Bao Tin Minh Chau Company Limited said that Bao Tin Minh Chau has crafted and selected many gold and jewelry products such as 14K, 18K, 24K gold according to the trend of 2024.
With DOJI, this brand even opens the 2024 Gold Festival from February 17 to 19 (ie from the 8th to the 10th of the first lunar month). Customers can receive good luck with Kim Than Tai gold products such as: Than Tai Dai Phat gold coins, Than Tai Thinh Vuong gold coins and Phuc Long gold bowls symbolizing a warm family and good luck in all things.
DOJI's 999.9 gold bars have a variety of weights from 1 chi, 2 chi to 5 chi... flexibly meeting customers' financial capabilities.
Ms. Bui Hong Tam shared that up to now, although it is not yet the day of God of Wealth, items such as rings designed in the shape of a dragon, priced at 4 - 5 million VND/piece, are almost out of stock.
Notably, the 0.1 gram ATM lucky money gold item (compactly designed like an ATM) priced at VND800,000/product has "sold out". "On the day of the God of Wealth, businesses no longer have this product to sell because the product has low value, many people choose to buy it as a gift, buy it for luck from before Tet until now", Ms. Tam said.
On February 15 and 16, at gold shops in Hanoi, there were quite a lot of customers coming to buy gold. According to a representative of Bao Tin Minh Chau, not only focusing on buying gold on the day of God of Wealth, from the first day of spring, people lined up to buy gold for luck in the new year. The best-selling item is a plain round ring of about 1 - 2 taels, sometimes even "out of stock".
Sharp decrease in customers buying large quantities of gold on God of Wealth day
Ms. Tam said that the amount of gold that businesses have prepared for Tet and the God of Wealth Day this year is quite large; in general, up to now, the sales of gold jewelry and feng shui bracelets are still stable, but the hoarded gold is unsold.
On February 15 and 16, the number of customers coming to buy gold was quite large.
In previous years, during Tet, it was normal for a customer to buy 10-20 taels of gold, but now they only buy 1-2 taels. The amount of money customers spent on gold jewelry in the past year has also decreased due to the economic downturn. Instead of buying an order of gold jewelry worth 5-10 million VND, now customers only buy orders worth 2-3 million VND.
"It is expected that on this year's God of Wealth Day, businesses will mainly sell gold jewelry at prices under 5 million VND/product. People will buy it mainly for luck, while the number of people buying large amounts of gold for investment on God of Wealth Day will decrease sharply. People will buy a little bit for luck, not 10-20 taels of gold like every year," said Ms. Tam.
Mr. Dinh Nho Bang, Vice President and General Secretary of the Vietnam Gold Business Association, when talking to Thanh Nien this morning, February 16, said that on the day of God of Wealth this year, the purchasing power as well as the price of gold will not have any sudden changes, basically remaining the same as every year.
Customers mainly buy lucky gold and do not buy gold for storage. The reason is that the economy is currently in difficulty, and people's purchasing power and payment ability are limited.
Referring to the policy change, preparing to amend Decree 24/2012/ND-CP on the management of gold trading activities affecting people's psychology in buying gold for investment, Mr. Bang analyzed: "Currently, buying gold for investment is mainly buying SJC gold, in addition, there is gold ring but the current price is still a bit high. Buyers will have to calculate, in this context, investing a lot, if there is a change in policy in the future, it will lead to risks".
Mr. Dinh Nho Bang, Vice President and General Secretary of Vietnam Gold Business Association
Regarding the reason why gold hoarding has tended to be unsold since the end of 2023 until now, Ms. Tam further analyzed that it is mainly because customers have heard a lot of information about the amendment of Decree 24/2012/ND-CP, which will no longer have a monopoly on SJC gold, balance market supply and demand, and possibly issue gold certificates to mobilize physical gold from the people.
Thus, in the coming time, the domestic gold price may be equal to the world gold price. Meanwhile, at this time, the domestic gold price is still higher than the world gold price by about 10 million VND/tael.
According to economic expert Dinh Trong Thinh, the price of gold on the occasion of God of Wealth Day this year may be high but will be lower than the peak at the end of 2023. If buying gold for luck, depending on each family's conditions, they can buy a little or a lot, any type of gold is fine as long as the quality is guaranteed. As for the price of gold, Mr. Thinh thinks that you should choose to buy gold rings, because the price of gold rings is much lower than that of SJC gold.
Notably, the fluctuation of gold ring prices in our country is quite close to the world gold price. Choosing to buy gold rings is both for luck and to minimize risks when prices fluctuate strongly.
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