Vietnamese line up in rain to buy gold ahead of God of Wealth Day

In Vietnamese custom, God of Wealth Day, observed on the 10th day of the first lunar month, is believed to bring luck and prosperity to those who buy gold.

Despite persistent rain and cold weather on Wednesday, the ninth day of this lunar year, many residents began queuing from around 4:00 am outside gold shops on Tran Nhan Tong Street in Hanoi, a well-known gold trading area in the capital.

By early morning, sidewalks along the street were crowded with people wearing raincoats and holding umbrellas, some carrying plastic stools as they waited for shops to open.

Vuong Thi Hanh, a resident of Hai Ba Trung Ward, said she had arrived at 4:00 am after failing to buy gold the previous day.

"Yesterday I came at 5:00 am but couldn't buy any," she said. 

"At one point the shop sold vouchers and later switched to selling physical gold. 

"If you buy a voucher, you may have to wait until August to receive the gold, so I didn't want that."

Hanh said buying gold at this time of year was not easy because of heavy demand and rising prices. 

She brought both cash and funds in her bank account to be prepared.

"Every year close to God of Wealth Day, prices edge up," she said.

"Sometimes they rise by a few hundred thousand dong, even VND1-2 million [US$38-76] per tael, so everyone wants to buy early."

Pham Hoa, who arrived at around 6:00 am, said she maintains the annual habit of buying gold for good luck for her family.

"Gold prices have risen too quickly," she said. 

"Last year, my children's lucky money could buy one mace of gold. This year it can't. 

"With an average monthly salary of about VND20 million [$766], you can now almost only afford one mace."

Hoa said she preferred to buy physical gold rather than receive a voucher.

"If you only hold a piece of paper, you don't feel secure," she said. 

"Prices are rising day by day. 

"If you have to wait months to receive the gold, you worry about the value of your money. 

"It feels the safest to hold the gold in your hand right after paying."

Ngo Duc Tuan, another buyer waiting in line, said many people purchase gold at this time largely for psychological reasons tied to the occasion.

"For me, accumulating gold is also a way to preserve savings," he said.

In the days leading up to Thursday's God of Wealth Day, domestic gold prices rose sharply and remained at high levels.

As of Tuesday morning, the buying price was VND181.6 million ($6,957) per tael, while SJC gold bars were sold at VND184.6 million ($7,072) per tael, up VND3.6 million ($138) per tael compared with before the Lunar New Year holiday, which lasted from February 14 to 22.

The selling price of 9999 gold was VND184.1 million ($7,053) per tael, with a buying price of VND181 million ($6,934) per tael.

The spread between buying and selling prices widened to about VND3 million ($115) per tael as gold companies sought to hedge against strong price volatility in recent weeks.

Compared with converted global gold prices, SJC gold bars were trading at a premium of about VND20.48 million ($785) per tael.

Some analysts said the rally reflected both seasonal demand linked to God of Wealth Day and movements in global prices, adding further heat to Vietnam's gold market.