Late this afternoon, Bao Tin Minh Chau Company lowered the price of Thang Long gold rings to 75.52-77.02 million VND/tael (buy - sell). Compared to yesterday's closing price, the price of Thang Long gold rings decreased by 600 thousand VND/tael in both buying and selling.

Similarly, Saigon Jewelry Company (SJC) also sharply reduced the price of gold rings. The price of 9999 gold rings of 1-5 chi of SJC in Ho Chi Minh City this afternoon was traded at 75.2-76.8 million VND/tael, down 600 thousand VND/tael in both directions compared to the closing price yesterday.

Meanwhile, Doji Gold and Gemstone Group listed the price of 9999 round gold rings at 75.55-77 million VND/tael (buy - sell), down 550 thousand VND/tael in both buying and selling compared to yesterday's closing price.

gold price 1 2653.jpg
Gold ring prices drop sharply. Photo: Chi Hieu

The price of gold rings at Phu Nhuan Jewelry Joint Stock Company (PNJ) today also decreased by 550 thousand VND/tael for buying and 700 thousand VND/tael for selling compared to yesterday's closing price, listed at the end of the session at 75.15-76.9 million VND/tael (buy - sell).

The difference between the buying and selling price of domestic gold rings fluctuates between 1.45-1.75 million VND per tael.

Following the same trend, domestic gold bar prices also fell sharply, losing the 90 million VND/tael mark.

SJC gold bar price today decreased by a total of 1.1 million VND/tael each way compared to yesterday's closing price, listed at the end of the session at 87.8-89.8 million VND/tael (buy - sell).

Gold bar prices at Doji also decreased by 1.1 million VND/tael for buying and 900 thousand VND/tael for selling compared to yesterday's closing price, closing the session at 87.8-89.6 million VND/tael (buying - selling).

Domestic gold prices cooled down amid a rapid decline in international gold prices , losing the $2,400/ounce mark. Gold prices plunged after the US Federal Reserve (Fed) released the minutes of its April meeting, showing that officials were in no hurry to cut interest rates.

At 5:39 p.m. on May 23 (Vietnam time), the spot gold price was at 2,364.2 USD/ounce, down 44.8 USD/ounce compared to last night.

World gold converted at the current exchange rate at Vietcombank costs more than 72.59 million VND/tael (excluding taxes and fees).

Although it has cooled down, compared to the world gold price, the price of SJC gold bars is still 17.21 million VND/tael higher, while the price of SJC gold rings is 4.21 million VND/tael more expensive.

Announcing the decision to inspect 4 'big guys' in the gold industry and 2 banks The State Bank of Vietnam (SBV) will inspect 4 businesses and 2 banks regarding compliance with policies and laws in gold trading activities.