Yesterday, all brands adjusted the price of gold rings down sharply, some brands reduced by more than 2 million VND per tael. At the end of yesterday's session, the selling price of gold rings of all brands was brought down to 76 million VND/tael.
However, by this morning (April 12), the domestic gold ring price has turned around and increased sharply following the world gold price. Some brands have increased the gold ring price by nearly 2 million VND per tael compared to yesterday's closing price, regaining the 78 million VND/tael mark.
Specifically, at 9:37 a.m. on April 12, DOJI Gold and Gemstone Group listed the price of plain round gold rings at 76.2-78.25 million VND/tael (buy - sell). Compared to the closing price yesterday, the price of plain round gold rings at DOJI this morning increased by 1.75 million VND/tael for buying and increased by 1.85 million VND/tael for selling.
Gold ring prices of other brands also reversed and increased rapidly.
At 9:24 a.m., Bao Tin Minh Chau Company raised the price of Thang Long Dragon gold rings to 76.28-78.18 million VND/tael (buy - sell), an increase of 1.8 million VND/tael in both buying and selling compared to the closing price yesterday.
Similarly, Saigon Jewelry Company (SJC) also sharply increased the price of gold rings. At 9:43 a.m., SJC listed the price of 9999 gold rings of 1-5 chi in Ho Chi Minh City at 75.2-77 million VND/tael (buy - sell), an increase of 800 thousand VND/tael in both directions compared to the closing price yesterday.
Phu Nhuan Jewelry Joint Stock Company (PNJ) early this morning adjusted the price up by 700,000 VND/tael in both buying and selling compared to yesterday's closing price, respectively at 75.3-77.1 million VND/tael.
Following the same trend, domestic gold bar prices also increased sharply today, reaching a new peak of 85 million VND/tael.
From opening to 9:43 am, the price of SJC gold bars was adjusted up to 800 thousand VND/tael, listed at 83-85 million VND/tael (buy - sell).
DOJI also increased the price of gold bars this morning by 900 thousand VND/tael in both directions compared to yesterday's closing price. At 9:54 am, DOJI listed the price of gold bars at 82.8-84.8 million VND/tael (buy - sell).
Domestic gold prices increased sharply in the context of world gold prices reaching new peaks.
International gold prices rose sharply again after the US producer price index (PPI) data showed weaker-than-expected results. This boosted hopes that the US Federal Reserve (Fed) will cut interest rates this year.
Besides, analysts remain optimistic about gold in the coming time, because investors' demand for shelter is not cooling down when geopolitical developments in the Middle East do not cool down.
At 10:08 a.m. on April 12 (Vietnam time), the world spot gold price was at 2,388.4 USD/ounce, up 45.4 USD/ounce compared to last night.
Converted at the current exchange rate at Vietcombank, world gold is currently priced at more than 72.47 million VND/tael (excluding taxes and fees).
Compared to the world gold price, each tael of SJC gold bar is about 12.53 million VND more expensive, while the price of SJC gold rings is 4.53 million VND higher.
Regarding the gold market, the Government Office has just issued a notice of the Prime Minister's conclusion at a meeting on solutions to manage the gold market in the coming time.
Accordingly, the Prime Minister directed the State Bank to preside over and coordinate with relevant agencies to focus on strictly implementing the provisions of Decree 24/2012 of the Government on the management of gold trading activities. Notably, the State Bank and relevant ministries and branches need to continue to inspect and examine; strictly handle acts of speculation, manipulation, and hoarding to push up gold prices.
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