Vietnamese brave rain to buy gold on God of Wealth Day

In Ho Chi Minh City, dozens of customers queued from before 6:00 am outside Mi Hong gold shop on Bui Huu Nghia Street in Gia Dinh Ward, though the store opened at 6:00 am.

K.T., a customer waiting in line, said each buyer was limited to one mace of gold and she wanted to complete her purchase in time for a ritual offering at home.

Among those queuing were customers looking to take profits after recent price gains. 

Some said they had sold gold a day earlier and returned to buy small quantities after prices edged down slightly.

At a Phu Nhuan Jewelry (PNJ) store on Hai Ba Trung Street in Tan Dinh Ward, customers also gathered despite the rain, with one-mace gold rings in blister packs among the most popular items.

Retailers offered a range of 99.99-percent purity gold products weighing as little as 0.1 mace, including pieces featuring cartoon characters, which were priced higher than plain gold of the same purity but attracted buyers for their design and lower cost per item.

With domestic gold prices rising sharply and one mace costing more than VND18 million (US$690), companies have introduced lighter products, including 0.1-mace and even 0.05-mace items, to make purchases more affordable, particularly for younger customers.

In Hanoi, customers began lining up from 7:00 am on Tran Nhan Tong Street, a hub for gold trading in the capital, with some arriving as early as 5:00 am carrying umbrellas to wait for shops to open.

By 9:00 am, foot traffic had increased as buyers sought to make purchases on the day itself, which falls on the 10th day of the first lunar month and is believed to bring prosperity.

To cope with high demand, Bao Tin Minh Chau has introduced automated gold vending machines for the first time this year, aiming to reduce waiting times.

Hoang Thi Thuy Van, deputy head of the company's gold trading department, said customers could complete transactions within one to two minutes using a citizen identification card and a smartphone with Internet access.

"Customers can buy according to their needs, without quantity limits," she said.

In Hanoi, the selling price of 99.99-percent gold was VND184.8 million ($7,080) per tael and the buying price was VND181.8 million ($6,965) per tael, down about VND500,000 ($19) per tael from Wednesday. 

The spread between buying and selling prices remained at around VND3 million ($115) per tael as companies sought to manage risks amid price volatility.

Most transactions observed were purchases rather than sales, with buyers mainly opting for 0.5- to 1-mace products, and some choosing as little as 0.05 mace.

Nguyen Thi Nghia, a resident of Cau Giay Ward, said she bought 0.05 mace as a token for luck because of high prices.

"This year there's less waiting than in previous years. I just buy a small amount for good luck. With 0.05 mace, it's more like a keepsake," she said.

Some buyers shift to silver amid high gold prices

Some customers turned to silver as gold prices climbed.

At an Ancarat store on Nguyen Trai Street in Cau Ong Lanh Ward in Ho Chi Minh City, staff began issuing queue numbers from 6:00 am amid steady demand.

Kim Anh, a customer, said she chose to buy silver this year because gold had become too expensive.

Ancarat limited each store to selling 200 products, with each customer allowed to purchase one item. 

Nguyen Trung Anh, chairman of Ancarat Precious Metal JSC, said the restriction aimed to curb speculation and ensure more customers could buy items for luck on the occasion.