Gold selling price rise varies from store to store

Friday, Feb 15, 2019 08:41

Customers purchase lucky gold products on Tran Nhan Tong Street, Ha Noi. — VNS Photo Truong Vi

Gold selling prices witnessed an increase at some stores while in others unchanged on God of Wealth Day, the 10th day of the Lunar New Year, which fell on February 14 this year.

Legend has it that the God of Wealth returns to heaven on this day, so Vietnamese people have a tradition of buying gold for luck and prosperity throughout the year.

On Thursday, DOJI Gold & Gems Group JSC listed the gold buying and selling prices at VND36.60 and 37.50 million (US$1,575and 1,614) respectively per tael of SJC gold bar, down VND60,000 for buying and up VND100,000 for selling against the previous day. The gap between the buying and selling rate hit VND900,000.

Sai Gon Jewellery Joint Stock Company (SJC) quoted the buying and selling prices of its gold in Ha Noi at VND36.75 million and VND37.07 million per tael, respectively, an increase of VND30,000 in selling price and a decrease of VND30,000 per tael in buying price compared to price in Wednesday afternoon’s session.

At Phu Nhuan Jewelry Joint Stock Company (PNJ), the SJC gold price remained unchanged this morning compared to Wednesday’s closing price. The buying and selling prices were listed at VND36.85 and 37.05 million.

Phu Quy Gold Investment Company quoted SJC gold bars at VND36.7-37 million per tael, down VND130,000 for buying and VND30,000 for selling.

Meanwhile, Bao Tin Minh Chau Jewellery and Gemstone Company listed gold prices at VND36.55 and 37.30 million per tael for buying and selling, respectively, down VND50,000 per tael compared to the morning’s opening price.

Pham Hai Au, vice chairman of Phu Quy Gold Investment Company, said people used to buy 24-karat gold rings with very high levels of purity. However, customers’ tastes have changed, and they are now more likely to purchase lucky gold products in the shape of the 12 Zodiac animals to match their age, or the Zodiac animal representing the lunar year.

“This year, lucky gold products such as pig coins, pig statues and Wealth God statues are in high demand,” Au told Viet Nam News.

In addition, many customers chose to purchase gold products online instead of queuing up at gold shops for a long time.

PNJ also sold gold online with the price fixed at the time of order and delivery done on God of Wealth Day. — VNS

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