Market

Gold ring price reaches 88 million VND per tael

TB (summary) • October 23, 2024 11:36

The price of plain gold rings at major brands continued to increase this morning, reaching 88 million VND per tael for the first time.

Domestic gold ring price on the morning of October 23 increased to 88 million VND/tael

While the price of SJC gold bars remains stable at 87 - 89 million VND/tael because the State Bank has not changed the selling price, the price of plain gold rings is still increasing.

Saigon Jewelry Company (SJC) this morning, October 23, listed the price of plain rings at 86.3 - 87.6 million VND/tael, an increase of 300,000 VND compared to the end of yesterday.

The buying and selling price of plain rings at DOJI Gold and Gemstone Group at 9:00 a.m. is 87 - 88 million VND, an increase of 200,000 VND.

The price of plain gold rings has been increasing continuously for the past 10 days. Compared to the middle of the month, the price of each tael of plain rings has increased by more than 4.5 million VND. Compared to the beginning of the year, the price of plain rings has increased by nearly 25 million VND/tael, equivalent to an efficiency of 39%.

Price of SJC gold bars and plain rings sold on the market as of 9:00 a.m. October 23

This is the year-end wedding season and the demand for buying gold rings as wedding gifts increases, but it is not easy for people to buy this item at major brands.

Big brands like DOJI, PNJ, Bao Tin Minh Chau are often out of stock. Retail customers are lucky to buy a small quantity if the store has just had a sale. Meanwhile, at SJC, branches limit the maximum purchase amount to 5 taels to 1 tael per person.

In the international market, spot gold price increased by 0.9%, reaching 2,746.69 USD/ounce at 0:40 am on October 23 (Vietnam time).

During this session, there was a time when gold price jumped to a record level of 2,748.23 USD/ounce.

US gold futures also rose 0.8% to close at $2,759.8 an ounce.

Gold, considered a “safe haven” against geopolitical and economic uncertainty, has risen more than 33% this year, hitting a series of record highs. Low interest rates have also made gold more attractive.

Geopolitical tensions remain the main driver (behind gold's upward trend), said Peter A. Grant, vice president and senior metals strategist at Zaner Metals.

With just two weeks to go until the US Presidential election, the race is still very tight, and this creates political uncertainty, which in turn boosts demand for gold.

According to Mr. Grant, if the situation in the Middle East escalates, the price of gold could reach $3,000/ounce before the end of this year, but he still predicts that this price mark will be reached in the first quarter of 2025.

Implementing the directions of the Government and the Prime Minister, based on current legal regulations, in recent times, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high difference in gold prices between international and domestic prices, stabilize the gold market, and contribute to stabilizing the macro-economy.

In particular, it is recommended that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision, and monitoring according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market; organize direct bidding and sale of gold bars to supplement the supply of SJC gold bars to the market.

With the implemented solutions, the difference between domestic gold price and converted world gold price has decreased significantly.

In the coming time, the State Bank will continue to implement solutions to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.

TB (summary)