Gold ring price breaks the peak again, approaching 84.5 million VND per tael

Gold ring price today October 17 sets new record

At 9:30 a.m. on October 17, the price of 9999 round gold rings of Doji Gold and Gemstone Group was sold at 84.45 million VND/tael, this is an unprecedented high price and also the highest in the current gold ring market. The purchase price of this type of gold at Doji is 83.45 million VND/tael, 1 million VND lower than the selling price.

At the same time, Saigon Jewelry Company Limited (SJC) listed the price of gold rings at 82.9 - 84.1 million VND/tael (buy - sell), lower than the price of gold rings at Doji by about 350,000 VND/tael but still the highest price ever at this gold shop for gold rings.

Bao Tin Minh Chau also currently lists the price of gold rings at 83.33 - 84.33 million VND/tael (buy - sell). Thus, the price of gold rings has exceeded 84 million VND/tael at most major gold brands.

At the same time yesterday, the price of gold rings at Doji just set a record of 84.1 million VND/tael (selling price). Thus, in just 1 day, the price of gold rings at this brand increased by 350,000 VND/tael.

While the price of gold rings is constantly "surging", the price of SJC gold bars today has not changed, after a sharp increase of 1 million VND/tael and climbing to 86 million VND in yesterday's trading session. Currently, gold bars are listed at 84 - 86 million VND/tael (buy - sell). It is easy to see that the gap between the two directions of both gold rings and gold bars is very large, causing gold buyers at this time to face many risks.

Analyzing the reasons for the continuous record increase in gold ring prices, experts said that it was due to the impact of the sharp increase in world prices after the Fed lowered interest rates. This development directly affected domestic gold prices. However, due to the stabilization by the State Bank, the price of gold bars fluctuated little, only the price of gold rings was continuously affected.

The next reason is that people's purchasing power has increased sharply, while supply is scarce. Gold expert Tran Duy Phuong commented: "Recently, there have been many predictions that the world gold price will soon reach the threshold of 2,800 - 3,000 USD/ounce, thus activating the gold buying power again. Especially gold rings. However, due to the scarce supply, the price of gold rings has been pushed up higher and higher."

Currently, many large gold companies have been almost out of supply for many months in the context of strong demand. The State Bank has not yet made any move to allow gold trading enterprises to import raw gold. This has been going on for more than 10 years. In addition, the police have dismantled many illegal gold rings, so the supply of raw gold on the market is very scarce. Therefore, gold rings, which were abundant, have been in short supply for many months.

Another reason that many people believe contributes to the continuous increase in the price of gold rings is that people find it difficult to buy gold bars. Gold bars are being sold directly by the State Bank through 4 banks and SJC Company to stabilize prices, after a long period of crazy increases. Currently, the price has stabilized, there is no longer a "huge" difference compared to the world, but many people reflect that it is very difficult for them to buy gold bars, both directly and online.

Not only do buyers have to register in advance and meet complicated bank procedures, they also have to wait for many days and are limited in the amount they can buy. Meanwhile, if they buy directly, they can only buy at SJC Company with a limited quantity, while other businesses have long stopped selling gold bars. Many people who want to buy in large quantities and to avoid complicated procedures have had to turn to the "black market" with much higher prices.

According to many experts, this situation has "added a lot of wind to a storm", making the price of gold rings heat up every day. Because when people have the mentality of hoarding gold rings, demand will increase suddenly, while supply is limited, pushing up prices.

Economist, Dr. Nguyen Minh Phong commented: "Buying gold bars is very complicated, causing people to feel frustrated because it is difficult to buy, so naturally they turn to buying gold rings."

TH (according to VTC News)

Source: https://baohaiduong.vn/gia-vang-nhan-lai-pha-dinh-tien-sat-84-5-trieu-dong-moi-luong-395851.html