Early this morning, Phu Nhuan Jewelry Joint Stock Company (PNJ) raised the price of gold rings to 76.4-77.68 million VND/ounce, an increase of 400,000 VND/ounce in the buying price and 390,000 VND/ounce in the selling price compared to yesterday's closing price.

Meanwhile, Saigon Jewelry Company (SJC) listed the price of gold rings weighing 1-5 taels at 76.3-77.65 million VND/tael (buy - sell), which is 350,000 VND higher per tael in both buying and selling prices compared to the closing price yesterday.

Doji Gold and Gemstone Group raised the price of 9999 pure gold rings to 76.45-77.65 million VND/ounce (buy - sell), an increase of 350,000 VND/ounce in both buying and selling prices compared to yesterday's closing price.

Similarly, Bao Tin Minh Chau Company also increased the price of plain round gold rings from Thang Long to 76.43-77.63 million VND/ounce (buy - sell). Compared to the closing price of yesterday's trading session, the price of plain round gold rings from Thang Long increased by 330,000 VND/ounce this morning in both buying and selling prices.

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The price of gold rings has increased significantly. Photo: Chi Hieu

Following the same trend, the price of SJC gold bars also increased by nearly 1 million VND this morning, reaching close to 80 million VND/ounce (selling price).

Major gold businesses such as SJC, Doji, and PNJ all listed SJC gold bars at 77.8-79.8 million VND/ounce (buy - sell) on the morning of August 1st, an increase of 800,000 VND/ounce in both buying and selling prices compared to the close of yesterday's trading session.

Domestic gold prices are rising rapidly amidst a sharp increase in global gold prices due to geopolitical instability in the Middle East.

In addition, gold prices rose after Federal Reserve Chairman Jerome Powell signaled that a rate cut could be discussed at the September meeting.

At 10:03 AM on August 1st (Vietnam time), the spot gold price was $2,440.3 per ounce, an increase of $19.3 per ounce compared to last night.

The world gold price, converted at the current exchange rate at Vietcombank , is over 75.5 million VND/ounce (including taxes and fees).

Compared to world gold prices, each SJC gold bar is currently 4.3 million VND/ounce more expensive. Meanwhile, SJC gold rings are 2.15 million VND/ounce higher than world gold prices.