Gold ring price hits peak before God of Wealth day

At the end of February 17, January 8, the price of gold rings and jewelry at brands continued to set new peaks.

Saigon Jewelry Company (SJC) increased the buying price by VND150,000 to VND63.65 million per tael while sharply increasing the selling price by VND250,000 to VND64.85 million. The difference between the buying and selling price of plain round gold rings widened to VND2.2 million per tael.

During the day, there was a time when the price of gold rings at SJC was even traded at nearly 65 million VND per tael, which was also the highest price ever.

Today, jewelry gold also increased correspondingly with plain round rings. This item is sold by SJC at a price about 400,000 VND lower than a quantity of plain round rings, and the purchase price is about 200,000 VND lower.

At other brands such as Bao Tin Minh Chau, there was a time when the price of plain round gold rings exceeded 66 million VND per tael before cooling down at the end of the day. Currently, Bao Tin Minh Chau lists the buying and selling price of plain round rings at nearly 64.9 - 66 million VND per tael.

Despite the recent fluctuations in world gold prices, domestic gold rings and jewelry still maintain their highest prices ever and are increasingly widening the gap with the world.

The world spot gold price closed the week at 2,013 USD per ounce, equivalent to 59.9 million VND per tael if converted at Vietcombank's selling rate, excluding taxes and fees.

Accordingly, each tael of gold ring, depending on the brand, is currently 5 million to 6 million VND higher than the world price, while the previous difference was only about 2-3 million VND.

Today, gold bars have had their buying and selling prices widened by gold shops. SJC sharply reduced its buying price of gold bars compared to the end of yesterday to 76.1 million VND while its selling price was lower, down to 78.6 million VND per tael. The difference between buying and selling prices widened to 2.5 million VND per tael. Compared to the world, gold bars have recently remained 18-19 million VND per tael higher.

As the God of Wealth day approaches, the number of customers at famous gold brands in Ho Chi Minh City is more crowded than usual. The owner of Kim Mai gold shop on Cong Quynh street (District 1) said that the number of customers in the first days of the year is much busier than before Tet, but still less than the same period every year. It is expected that the number of customers will increase significantly in the next two days, especially on the God of Wealth day (January 10).