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Is Buying Gold on the God of Wealth’s Day Necessary?

In Vietnamese folklore, purchasing gold on the 10th day of the Lunar New Year, known as the God of Wealth's Day, is believed to bring good fortune for the entire year. But is there any truth to this, and is it really necessary?

Administrator

20 July, 2024

Is buying gold on the God of Wealth’s day truly lucky and necessary? Let’s explore the explanations below.

See also: Guide to a lucky year

1 No luck, just losses

According to some media sources and economic experts in Feng Shui, the God of Wealth’s day is considered very important for the Vietnamese, especially for those in business.

On this day, shops and businesses tend to boost their sales, creating a bustling atmosphere to express their wish for smooth sailing in their ventures. Even gold shops take advantage of the God of Wealth’s day to increase their sales, resulting in a significant amount of gold being sold.

Economic experts suggest that gold prices surge on the 10th of the first lunar month due to skyrocketing demand, but they quickly drop by hundreds of thousands of dong per tael in the following days.

Where’s the luck in that? Buying gold a day earlier means losing hundreds of thousands of dong per tael a few days later.

Therefore, on this day, people should avoid rushing to buy gold as they will end up paying a higher price and enduring the negative impacts on their health due to the crowds and jostling. Buying a small amount with the intention of seeking luck and a joyful spirit is fine. However, buying in bulk will undoubtedly lead to losses as gold prices are likely to drop after the God of Wealth’s day.

2 Jostling crowds affect your health

The 10th of the first lunar month is a peak period for gold and silver shops. People have been observed queuing for hours just to buy a tael of gold for good luck.

Such crowds and long queues outdoors under the sun can not only dampen one’s spirits but also adversely affect their health and directly hinder their work.

3 Scams and deception

Taking advantage of people’s beliefs, some businesses employ tricks to make money from consumers. Incidents ranging from fake gold to taking advantage of the crowds to commit financial fraud have occurred.

Therefore, if you plan to buy gold, choose a reputable and quality establishment to avoid being scammed.

Frequently asked questions

It is considered auspicious to buy gold on this day as it is believed to bring wealth and prosperity throughout the year. However, one should only purchase gold if they can afford it and if it aligns with their financial goals and strategies.

The God of Wealth Day is a traditional holiday celebrated in several Asian countries, falling on the tenth day of the lunar new year. It is dedicated to honoring Caishen, the God of Wealth, and is believed to bring good fortune and prosperity for the coming year.

Some people believe that purchasing gold bars or jewelry with the Chinese character for ‘wealth’ or ‘fortune’ inscribed on them can bring extra luck. Additionally, it is considered auspicious to buy gold items in pairs, as it symbolizes double happiness and blessings.

Yes, many people view buying gold on this day as a way to diversify their investment portfolio. Gold is often seen as a stable and secure investment, and purchasing it on the God of Wealth Day can be aligned with one’s financial strategies.

In some cultures, it is considered taboo to buy gold for oneself. Instead, it is more common to gift gold to others as a way to bestow blessings and good fortune. Additionally, some superstitions suggest that wearing or buying gold while in mourning or during certain unlucky hours or days should be avoided.