Gold rings set a new record, 4 million VND/tael higher than the world price

The price of SJC gold bars increased by 300,000 VND per tael in the early afternoon of February 1st. Saigon Jewelry Company (SJC) bought at 76 million VND and sold at 78.3 million VND; Doji Group bought at 75.85 million VND and sold at 78.25 million VND; Eximbank bought at 75.8 million VND and sold at 77.8 million VND… The price of gold rings increased by 150,000 VND per tael. SJC bought at 63.15 million VND and sold at 64.45 million VND. The highest price for gold rings on the market belonged to Bao Tin Minh Chau Company with a selling price of 64.38 million VND and a selling price of 65.58 million VND. Doji Group had a selling price of 65.15 million VND and a buying price of 63.95 million VND…

The price of SJC gold bars is nearly 18 million VND/ounce higher than the world price.

Precious metals on the international market also increased by $1/ounce, reaching $2,041/ounce. World gold prices rose by $16/ounce (equivalent to VND 470,000/ounce) in just three days, but the price of SJC gold bars increased by as much as VND 1.6 million/ounce. The rapid increase in domestic gold prices in recent days has led to increasingly expensive prices. SJC gold bars are now VND 17.9 million/ounce higher than world prices, and gold rings are VND 4.05 million/ounce higher – the highest price ever recorded for gold rings.

Explaining the high domestic gold prices, Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, said that world prices have been steadily increasing, with an upward trend prevailing following news of escalating tensions and a more optimistic US economy . In addition, there is increased domestic demand for gold hoarding in anticipation of selling on the God of Wealth Day (the 10th day of the Lunar New Year) under conditions of weak supply. Furthermore, the habitual practice of gold dealers pushing up prices before the God of Wealth Day also contributes to the price increase.

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