24K gold ring prices plummet.

At 9:30 AM on May 1st, Vietnam time, the world gold price continued to fall sharply to $2,287 per ounce, a total drop of approximately $40 per ounce compared to the beginning of the week.

The fluctuations in global gold prices have led to a sharp drop in domestic gold prices. Consequently, due to the ongoing holiday period, there is a significant price difference between SJC gold bars and gold rings among businesses. Many large gold companies and commercial banks have not yet resumed trading. Bao Tin Minh Chau Company is trading SJC gold bars at 82.6 million VND/ounce for buying and 84.65 million VND/ounce for selling.

Meanwhile, the price of SJC gold bars on the free market is trading around 82.7 million VND/ounce for buying and 83.4 million VND/ounce for selling, a further decrease of 500,000 VND per ounce compared to yesterday.

Gold ring prices dropped sharply this morning.

Prices for 24K gold rings and jewelry have seen a significant downward adjustment. Mi Hong Company is trading plain gold rings at 71.8 million VND for buying and 73.2 million VND for selling. Meanwhile, gold shops in Ho Chi Minh City this morning are listing 24K gold rings at only 71.6 million VND/ounce for buying and 72.4 million VND/ounce for selling. The price difference between plain gold rings at gold shops and major gold brands has reached 2-3 million VND/ounce.

During the few days of the holiday, gold shops adjusted the price of plain gold rings downwards by approximately 1.5 million VND per tael.

Domestic gold prices are falling due to the sharp decline in global gold prices. Since reaching its historical peak of $2,410 per ounce in mid-April, the price has dropped by approximately $120 per ounce (-3.8 million VND per tael). Meanwhile, the price of SJC gold bars is currently only about 1 million VND per tael lower than its previous peak of 85.4 million VND.

This development has caused the gap between domestic and international gold prices to remain high. Currently, the world gold price, converted at the listed exchange rate, is approximately 70.2 million VND/ounce, which is about 2-3 million VND lower than gold rings and about 14 million VND/ounce lower than SJC gold bars.

According to analysts, global gold prices are awaiting information from the US Federal Reserve's (FED) policy meeting in early May. The market is currently speculating on whether the FED will decide on the timing of an interest rate hike or postpone it, given the volatile US economic data. If the FED decides to cut the benchmark interest rate, gold prices will continue to rise. Conversely, if the agency is not in a hurry to cut interest rates and maintains them at their current peak, gold prices could fall sharply.

Source: https://nld.com.vn/gia-vang-nhan-24k-lao-doc-196240501095325346.htm