Bao Tin Minh Chau Shop on Tran Nhan Tong Street prepares chairs for customers. However, this year, few have lined up to buy gold. (Photo: cafef)
Hanoi (VNA) – This year’s God of Wealth Day (February 3) saw fewergold buyers than previous years due to fears of new coronavirus (nCoV).
According to the legend, the God of Wealth returned to heaven on the 10th dayof the first lunar month, so people traditionally buy some gold on that day toensure good luck and prosperity throughout the year. In recent years, peoplehave been queuing up from 3 to 4 am to buy ‘lucky’ gold.
Together with ordinary golditems, products for sale include charm bracelets made of 24k and 18k gold.Items in the shape of animals also prove popular.
Duong Anh Tuan, Deputy General Director of DOJI, said that in preparation forthe day, his firm has prepared 280,000 kinds of products, an increase of 30 percentover ordinary days.
However, the current concern of coronavirus as well as higher gold prices havecaused gold shops and businesses to see fewer customers.
Together with other gold shops in Hanoi, DOJI has also provided free masks andhand sanitiser for their customers.
However, instead of lining up to buy gold like previous years, only fewcustomers were seen at the local gold shops in Tran Nhan Tong street, known asgold street in Hanoi.
Nguyen Ngoc Ha, a gold retailer on Hoang Hoa Tham street said on February 3that “I saw more customers yesterday than today. And they all bought theproducts much quicker than usual.”
Ha said: "It will be harder to sell these special products after theoccasion. The situation is terrible."
On the morning of February 3, gold prices in the city hit nearly 45 million VND(1,945 USD) per tael (as much as 1.2 ounces of gold), up 7.5 million VND pertael compared to the God of Wealth Day in 2019.
In the afternoon, it declined more than 500,000 VND per tael at big businesseslike SJC, DOJI and Bao Tin Minh Chau, as global gold prices dipped afterhitting a near four-week high after China’s central bank cut reverse repo ratesand injected liquidity into markets to help support an economy hit by the coronavirusoutbreak./.
Hang Bac is viewed as the “most expensive” among Hanoi’s 36 old streets. In the past, people living on this street relied on three major jobs, involving silver ingot and jewellery making, and money exchange.
Vietnam’s consumer price index (CPI) in January hit a record high, up 1.23 percent over the previous month and 6.43 percent year on year, according to the General Statistics Office (GSO).
Vietnam’s consumer price index (CPI) in January hit a record high, up 1.23 percent over the previous month and 6.43 percent year on year, according to the General Statistics Office.
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With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Bao Tin Minh Chau Shop on Tran Nhan Tong Street prepares chairs for customers. However, this year, few have lined up to buy gold. (Photo: cafef) 
