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

Meanwhile, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.3-77.65 million VND/tael (buy - sell), 350 thousand VND/tael more expensive in both buying and selling compared to the closing price yesterday.

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

Similarly, Bao Tin Minh Chau Company also increased the price of Thang Long Dragon Gold Rings to 76.43-77.63 million VND/tael (buy - sell). Compared to the closing price of yesterday's trading session, the price of Thang Long Dragon Gold Rings this morning increased by 330 thousand VND/tael in both buying and selling directions.

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Gold ring prices increase. Photo: Chi Hieu

Following the same trend, the price of SJC gold bars this morning was also adjusted to increase by nearly 1 million VND, up to nearly 80 million VND/tael (selling).

On the morning of August 1, major gold companies such as SJC, Doji, and PNJ all listed the price of SJC gold bars at 77.8-79.8 million VND/tael (buy - sell), an increase of 800,000 VND/tael in both buying and selling prices compared to the end of yesterday's trading session.

Domestic gold prices increased rapidly in the context of world gold prices increasing sharply due to geopolitical instability in the Middle East.

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

At 10:03 a.m. on August 1 (Vietnam time), spot gold price was at 2,440.3 USD/ounce, up 19.3 USD/ounce compared to last night.

World gold converted at current exchange rate at Vietcombank is more than 75.5 million VND/tael (including tax and fees).

Compared to the world gold price, each tael of SJC gold bar is 4.3 million VND/tael more expensive. The price of SJC gold rings is 2.15 million VND/tael higher than the world gold price.