Gold ring price skyrocketed

On the morning of March 29, domestic gold trading brands simultaneously adjusted the price of gold rings.

At 10 a.m., Saigon Jewelry Company (SJC) listed 24K plain rings at 69.3 - 70.55 million VND per tael, up 800,000 VND in both directions compared to the end of yesterday. This is the highest price of SJC gold rings ever. At Bao Tin Minh Chau, plain gold rings this morning also increased to 70 - 71.2 million VND per tael.

Meanwhile, the price of gold bars at the beginning of the day fluctuated insignificantly, still hovering around 81 million VND despite the sharp increase in world prices. After increasing to 81.2 million VND at the opening, SJC lowered the price of gold bars to 79 - 81 million VND, the same as yesterday.

Gold ring trading has become more active since the news of changes in the SJC gold bar monopoly policy. Before and after Tet, gold ring trading increased dramatically, causing many major gold brands to run out of stock at times. Up to now, the brands have proactively prepared, so the supply of gold rings is more abundant.

The price of domestic gold rings today increased sharply following the developments of the world's precious metals. Each ounce of international spot gold closed the weekend session at 2,233 USD, a sharp increase of nearly 40 USD in the past 24 hours.

Converted according to Vietcombank exchange rate, the world gold price is equivalent to 67.2 million VND per tael, 3.3-4 million lower than domestic gold ring price. The difference between SJC gold bar price and the world price is currently less than 14 million VND per tael.

In the foreign exchange market, the official exchange rate at domestic banks remains high at around 25,000 VND per USD. Meanwhile, the US dollar price at foreign exchange points on the black market is around 25,380 - 25,460 VND, a slight decrease compared to yesterday.