The price of gold rings has skyrocketed, reaching 80.2 million VND per tael.

World gold prices set a new record each day after the US Federal Reserve (Fed) lowered interest rates - Screenshot

Gold prices continue to set new records.

Today, September 21st, SJC Company listed the price of 9999 gold rings at 80.2 million VND/ounce, an increase of 200,000 VND/ounce compared to yesterday. The buying price increased sharply to 78.9 million VND/ounce.

Bao Tin Minh Chau company listed the selling price of 9999 gold rings at 80.54 million VND/ounce, and the buying price at 79.39 million VND/ounce.

Meanwhile, DOJI increased the selling price of 9999 gold rings to 80.55 million VND/ounce, and the buying price to 79.4 million VND/ounce.

This is also a record price for gold rings. The price of gold rings was pushed higher after the world gold price increased by $36.3/ounce yesterday, reaching a new record high of $2,622.4/ounce.

Based on the exchange rate listed at the bank, the world gold price is equivalent to 78.27 million VND per tael.

Compared to the converted world gold price, the price of 9999 gold rings is currently higher by 1.93 - 2.27 million VND/ounce.

Buyers of gold rings make a huge profit.

Since the beginning of the year, buyers of gold rings have made a profit of up to 17.25 million VND per tael - Photo: PHUONG QUYEN

Compared to the price of 9999 gold rings at SJC Company at the beginning of this year, which was 61.85 million VND/ounce - 62.95 million VND/ounce (buying price - selling price), those who bought gold rings from the beginning of the year until now have "profited" up to 17.25 million VND/ounce.

Compared to the price of gold rings at the beginning of 2023, which was 54 million VND/ounce, those who bought gold rings and held them until now have made a total profit of 26.2 million VND/ounce, equivalent to a profit margin of 48.52%.

This is an almost "unimaginable" profit margin for gold investors because previously, for a long time, the price of SJC gold bars remained stagnant at 67 million VND/ounce, while the price of 9999 gold rings hovered around 54 million VND/ounce.

Not only did those who bought gold rings profit, but even those who bought SJC gold bars made significant gains, especially if they sold in May 2024, when the selling price of SJC gold bars reached 92.4 million VND/ounce, and the buying price was 90 million VND/ounce.

If you bought SJC gold bars at the beginning of the year and held them until now, you would only have made a profit of 8 million VND per ounce.

Please see the latest updates on domestic gold prices HERE.

According to reports, although the price of 9999 gold rings has increased, it is currently very difficult to buy them.

This shortage has been occurring in the market for the past few months due to limited raw material supply. Gold companies are also being cautious because authorities are currently stepping up inspections and checks of the gold market, including tracing the origin of raw gold.

Furthermore, for over 10 years, the State Bank of Vietnam has not granted licenses to companies to import raw gold through official channels for the production of gold rings and jewelry.

Recently, many gold shops have reported running out of gold rings, or requiring customers to pay in advance and receive the gold later…

Source: https://tuoitre.vn/gia-vang-nhan-tang-phi-ma-dat-80-2-trieu-dong-luong-20240921154604247.htm