Feb 20, 2021 / 11:03

Locals turn to buying gold online on God of Wealth Day

The Covid-19 pandemic could not prevent locals from buying gold in anticipation of the upcoming God of Wealth Day, especially as gold firms are now taking the sale online.

Amid the current Covid-19 outbreak in Vietnam, many gold shops are promoting online sales to meet customers demand in the upcoming Gold of Wealth Day [February 21], the day when locals traditionally buy gold expecting this would bring good fortune to their businesses and families in a new year.

 Customers buying gold at Bao Tin Minh Chau ahead of the God of Wealth Day. Photo: Hoai Nam. 

Nguyen Thi Luyen, vice director of Bao Tin Minh Chau, said the gold firm has launched sales promotion programs to encourage customers to buy gold online.

“Customers could buy gold via our website in a convenient way without having to queue for hours,” said Luyen.

In a similar move, DOJI, one of largest jewelry companlies in Vietnam, has launched an online gold trading platform called eGold, which allow customers to buy gold products through a bank account at TPBank.

“After completing all transaction procedures, customers could receive their gold at all DOJI’s branches in Hanoi, Ho Chi Minh City, Hai Phong, Danang and Can Tho,” said DOJI Vice General Director Nguyen Thanh Huong.

In addition to gold firms, banks also offer online sale of gold for their customers. A representative of TPBank said while the bank is selling gold at all transaction branches, customers could also buy gold online via its TPBank eBank app and receive gold at the their nearest TPBank branch.

“Those buying gold online via eBank app could receive a discount of up to VND10,000 (US$0.44) per tael,” said the representative.

Various gold items on sale

In recent days, gold shops in Hanoi have been offering gold items in the shape of a buffalo, the zodiac sign for 2021, in anticipation of the God of Wealth Day.

Customers could buy these products at stores of Saigon Jewelry Company (SJC), the country’s largest gold and gold jewelry making and distribution company, for prices from VND5.5-55 million (US$240.2-2,400).

Bao Tin Minh Chau or DOJI are putting on sale gold jewelry that are made of 18k and 24k gold and inscribed with lucky charm or zodiac animals to meet diversified demands from customers.

Many gold store owners said in recent years, customers are now buying gold jewelry products as a gift instead of saving on the God of Wealth Day.

As the gold price in international market continued its declining trend to below US$1,170 per ounce, the gold buying and selling prices quoted by SJC on February 19 decreased to VND55.7-56.3 million (US$2,419 – 2,445) per tael, down VND350,00 (US$15.28) in buying price and VND200,000 (US$8.73) in selling price. A tael is 37.5 grams or 1.2 ounces.