Gold ring price up to nearly 60 million VND per tael

After many consecutive peaks recently, each tael of gold ring is now worth nearly 60 million VND, an increase of more than 10% compared to the beginning of the year.

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

By 5 p.m., the price of gold rings of type 1-5 was only bought and sold at Saigon Jewelry Company (SJC) at 58.7 - 59.8 million VND, an increase of nearly half a million VND per tael compared to yesterday. Meanwhile, at Phu Nhuan Jewelry Company (PNJ), the price of gold rings had increased to 58.7 - 59.9 million VND per tael. The buying and selling gap also widened to 1.1 - 1.2 million VND per tael.

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

While gold rings increased sharply by nearly half a million per tael, the price of gold bars increased less, about 250,000 VND higher than yesterday. The price of gold bars is still far from the historical peak of 74 million VND, although gold rings continuously set new records. Currently, SJC lists each tael of gold bars at 70.15 - 70.95 million VND while the price at PNJ is 70.1 - 71 million VND.

The price of domestic gold rings increased sharply following world developments. The spot gold price closed the session on October 27 up 21 USD to 2,005 USD per ounce. During the session, the price of the precious metal reached 2,009 USD - the highest since May.

The spot gold price rose 1.4% for the week, marking its third consecutive weekly gain. Trading volume spiked yesterday after an Israeli military spokesman said the Israeli air and ground forces would intensify their offensive in the Gaza Strip. Earlier, the Israeli air force launched several fierce airstrikes on the area.

Converted according to Vietcombank's selling 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 is currently about 100,000 VND per tael higher than the world price. The gap between domestic and world gold bars has narrowed to 11.2 million VND per tael because the increase in gold bars is not significant compared to the international gold price.

In the foreign exchange market, the USD Index as well as the domestic exchange rate did not have significant fluctuations. The USD price in the banking market remained stable around 24,360 - 24,730 VND.

Quynh Trang

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