Gold ring price hits new peak of over 61 million VND/tael

On the morning of November 22, the price of 1-5 chi gold rings of Saigon Jewelry Company (SJC) was listed at 59.65 - 60.65 million VND per tael, an increase of 450,000 VND in both directions.

DOJI Gold and Gemstone Group's 9999 (24k) round ring costs 60 - 60.8 million VND per tael. Meanwhile, Bao Tin Minh Chau's Thang Long Gold Dragon (24K) plain round ring costs 60.28 - 61.28 million VND.

Thus, compared to the beginning of the year, each round, smooth gold ring has increased by more than 6.6 million VND, equivalent to an increase of 12%, higher than the interest rate on savings deposits at banks.

While plain round gold rings continuously set new records, gold bars are still far from the old peak.

At the beginning of the day, SJC listed the buying and selling price of gold bars at 70.8 - 71.5 million VND per tael, an increase of 400,000 VND compared to late yesterday afternoon. DOJI listed the buying price at 70.7 million VND and the selling price at 71.4 million VND.

Compared to the beginning of the year, each tael of gold increased by 4.5 million VND, equivalent to an increase of 6.5% and the highest level in the past year and a half. Compared to the old peak of more than 74.4 million VND set in March last year, each tael of gold is now 2.5-3 million VND less.

Domestic gold prices in recent sessions have been in line with international developments. Each ounce of spot gold briefly exceeded $2,000 before returning to trade around $1,998.

Converted according to Vietcombank's selling rate (excluding taxes and fees), the world gold price is currently equivalent to 58.6 million VND per tael. The price of gold rings is 2-2.5 million VND per tael higher than the world price, while the price of gold bars is nearly 12.9 million VND.

Precious metals are soaring thanks to many economic and political factors supporting them. The US government is concerned that Iran is capable of supplying ballistic missiles to support the war in Ukraine. In addition, weak US economic data strengthens investors' confidence in the scenario of peak interest rates and the US Federal Reserve (Fed) will soon cut interest rates.

In contrast to the gold price, the domestic VND/USD exchange rate cooled down in November. This morning, the USD price at Vietcombank increased slightly by a few dozen dong to 23,970 - 24,340 dong, but was still about 1.5% lower than at the beginning of the month. Meanwhile, the dollar price at black market selling points, after a long period of stagnation, decreased by hundreds of dong per USD this morning, down to 24,440 - 24,560 dong per USD.