Gold bar and plain ring prices hit new peaks

Domestic gold prices fluctuated strongly this morning, at one point exceeding 93 million VND per tael before falling nearly 1 million VND.

On the morning of February 11, domestic brands adjusted gold price continuously follow world developments.

At 9:15 a.m., Saigon Jewelry Company (SJC) raised the price of gold bars to 90.1 - 93.1 million VND, an increase of 1.8 million VND per tael compared to yesterday. Four state-owned banks also raised the price of gold bars sold on the market to 93.1 million VND per tael.

At other brands not authorized by the State Bank to sell gold bars such as Bao Tin Minh Chau, the price of gold bars increased to 89.8 - 92.8 million; Phu Nhuan Jewelry Company (PNJ) listed 90.1 - 93.1 million.

However, this record price did not last long. By 10am, each tael of gold bar at SJC had decreased by VND800,000 to VND89.3 - 92.3 million. PNJ listed the price of gold bars at VND89.3 - 92.3 million per tael.

This morning, plain gold rings also fluctuated up and down and set a new record, approaching 92 million per tael.

At 10am, SJC listed plain rings at 88.8 - 91.5 million VND per tael. PNJ bought and sold plain rings at 89.5 - 91.7 million. At the same time, plain rings at Bao Tin Minh Chau were bought and sold at the highest price range among major brands, 89.1 - 93.05 million VND per tael.

Domestic gold prices fluctuated continuously this morning following the developments of precious metals on the international market. Each ounce of gold set a record of 2,944 USD at one point, then reversed and decreased to 2,920 USD at 10:00 a.m. Hanoi time. The difference between domestic and international gold prices is currently only around 2-2.5 million VND per tael.

February 10, US President Donald Trump sign tax decree 25% on all aluminum and steel imported into the US, without exception. This week, he is also expected to announce reciprocal import tariffs on US trading partners. Precious metals, according to experts, reacted to the news, due to concerns that import tariffs will fuel US inflation.

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