Gold bar price exceeds 72 million VND/tael, gold rings increase sharply

At 9:30 a.m., the gold price at Doji was listed at 71.1 - 72.1 million VND/tael (buy - sell), an increase of 200,000 VND/tael (buy) and 300,000 VND/tael (sell) compared to the closing price yesterday.

Similarly, the gold price at SJC was listed at 71.1 - 72.1 million VND/tael (buy - sell), an increase of 200,000 VND/tael in both directions.

Not only gold bars, the price of gold rings also increased sharply this morning. Specifically, the price of gold rings listed by Doji Group is at 60.04 - 61.55 million VND/tael (buy - sell), an increase of 200,000 VND/tael.

The price of gold rings at SJC is listed at 60.25 - 61.35 million VND/tael (buy - sell), an increase of 250,000 VND/tael.

Thus, compared to the beginning of the year, the price of gold rings increased by nearly 7 million VND/tael.

Before the sharp increase in gold prices, according to experts, investors' psychology is often that when gold prices fall sharply, they pay little attention, but when gold prices increase sharply, they pay close attention or even spend money to buy to make a profit.

However, investors need to be cautious because the current price of SJC gold is 11 million VND/tael higher than 24K gold rings and jewelry gold and over 13 million VND/tael higher than world gold.

With this difference, buyers should consider carefully if they buy SJC gold at this time, to avoid the case of gold price reversing to decrease to narrow the amplitude with world price. As for 24K gold rings of all kinds, the fluctuations are closer to world price, so if you buy, you can prioritize 24K gold rings and jewelry gold.

The domestic gold price continued to increase sharply today due to the influence of the increase in world gold prices. Early this morning, the world precious metal price listed on Kitco was at 2,002 USD/ounce, up 10 USD/ounce compared to early yesterday morning.

Gold prices rose sharply thanks to a weaker US dollar as analysts increased bets that the US Federal Reserve (Fed) was done raising interest rates.

Gold has gone into a wait-and-see mode as investors await fresh clues on the Fed’s monetary policy outlook, according to Lukman Otunuga, senior analyst at FXTM. Gold has been trading near $2,000 an ounce recently and the precious metal needs a catalyst to gain further momentum.