The price of gold rings has risen to nearly 60 million VND per tael.

After several consecutive recent record highs, each gold ring is now worth nearly 60 million VND, an increase of over 10% compared to the beginning of the year.

On October 28th, gold trading brands simultaneously adjusted the prices of gold rings and gold bars.

By 5 PM, the buying and selling price of gold rings (1-5 tael) at Saigon Jewelry Company (SJC) had risen to 58.7 - 59.8 million VND per tael, an increase of nearly half a million VND per tael compared to yesterday. At Phu Nhuan Jewelry Company (PNJ), the price of gold rings had also increased to 58.7 - 59.9 million VND per tael. The buy-sell spread had also widened to 1.1-1.2 million VND per tael.

The continuous upward trend in recent months has resulted in gold rings being more than 6 million VND per tael higher than at the beginning of the year, equivalent to an increase of over 11%.

While the price of gold rings surged by nearly half a million dong per tael, the price of gold bars increased at a lower rate, a difference of about 250,000 dong compared to yesterday. The price of gold bars is still far from its historical peak of 74 million dong, despite gold rings continuously setting new records. Currently, SJC lists each tael of gold bars at 70.15 - 70.95 million dong, while PNJ's price is 70.1 - 71 million dong.

Domestic gold ring prices surged in line with global trends. The spot gold price closed the October 27th session up $21 to $2,005 per ounce. During the session, the price of the precious metal briefly touched $2,009 – its highest level since May.

Overall for the week, the spot price of gold rose 1.4%, marking its third consecutive week of gains. Trading volume surged yesterday after an Israeli military spokesperson announced that their air and ground forces would intensify their offensive in the Gaza Strip. Prior to this, the Israeli air force launched several intense airstrikes against the area.

Based on Vietcombank's selling exchange rate, the world gold price is equivalent to nearly 59.8 million VND per tael (excluding taxes and fees). Thus, the price of gold rings currently maintains a difference of approximately 100,000 VND per tael compared to the world price. Meanwhile, the difference between domestic and world gold bars has narrowed to 11.2 million VND per tael because the increase in gold bars is insignificant compared to the international gold price.

On the foreign exchange market, the USD Index and domestic exchange rates remained relatively stable. The USD price in the interbank market stayed steady around 24,360 - 24,730 VND.

Quynh Trang

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