Gold ring price increased back to 86 million VND per tael

On November 22, Saigon Jewelry Company (SJC) listed plain rings at VND84.6 - 86.1 million, an increase of VND500,000 compared to yesterday. DOJI Jewelry Group raised the price of plain rings to VND85.1 - 86.1 million. The price of gold rings at Phu Nhuan Jewelry Company (PNJ) also increased to VND85 - 86 million.

Compared to the record of 89 million VND per tael set at the end of October, each tael of plain rings is currently 3 million VND less.

At the same time, the price of gold bars at the beginning of the day also increased by half a million dong. SJC listed the price of gold at 84.7 - 86.7 million dong, an increase of 500,000 dong per tael compared to yesterday. Four state-owned banks simultaneously raised the selling price of SJC gold bars to the market to 86.7 million dong per tael.

Domestic gold prices have been increasing continuously for the past week amid the recovery of precious metals in the international market. Each ounce of gold is currently anchored at 2,684 USD per ounce, converted at Vietcombank's selling rate equivalent to 82.5 million VND per tael. The difference between domestic and world gold prices is currently in the range of 3.5-4.2 million VND per tael.

The precious metal rose despite the USD remaining at its highest level in six months. Domestically, the USD price on the official market also hovered near its peak. This morning, Vietcombank listed the exchange rate at 25,175 - 25,509 VND per USD, a slight increase compared to yesterday.

Recently, Goldman Sachs experts predicted that escalating trade tensions when Donald Trump takes office early next year could increase demand for gold. The precious metal is likely to reach $3,000 an ounce by 2025.

In addition, concerns about the sustainability of US fiscal policy also helped the precious metal increase in price. The US bank emphasized that central banks - especially those with large holdings of US government bonds - may choose to increase gold purchases.