Gold sellers prepare for Caishen Day annual rush
On the tenth day of the first month of every lunar year, aka Caishen Day attributed to the sacred God of Wealth, domestic gold buyers stream to gold stores due to the common belief that great fortune would be bestowed upon whoever purchases gold on that day.
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| Buying gold on Caishen Day brings great prosperity, according to popular belief (and gold sellers) |
Legend has it that the God of Wealth returned to heaven on the tenth lunar day and Vietnamese people keep the tradition of purchasing gold on this day to bring good fortune and prosperity throughout the lunar year.
Tran Thi Thu Ha, PNJ’s retail director, asserted that in anticipation of the scramble for gold on Caishen Day, PNJ started gold production in the late second quarter of 2017 as well as plans to close their stores later than usual. Additionally, PNJ commits to maintaining the price of gold at the current market rate.
Similarly, domestic gold enterprises like DOJI, Bao Tin Minh Chau, SJC, and BTJ have also been preparing for the gold rush since mid 2017, with the target of meeting the unusually large demand from domestic customers, especially on the ninth and the tenth day of the first lunar month.
According to a recent survey conducted by VIR, each large gold enterprise could market from 100,000 to 200,000 pieces of gold merchandise, including the most popular gold products in the year of the dog: mascot-engraved gold coins (especially with the image of a dog inscribed on them) and gold statues depicting the God of Wealth.
During the 2017 Caishen Day, PNJ achieved recorded gold sales, with VND560 billion (US$24.69 million). Representatives of several domestic gold traders noted that sales revenue from gold transactions on Caishen Day alone could reach the revenue achieved in several months.
However, market analysts also gave notice of a possible leap in the price of gold due to the upcoming day of the God of Wealth. For example, the selling price was reported to surge by VND500,000-VND1 million (US$22.05-44.1) per tael (weighing 37.5 grams) a couple of days before Caishen Day.
