Unexpected gold ring price

The difference in buying and selling price of gold bars is kept by businesses at 2 million VND/tael.

The prices of 24K gold rings and jewelry gold of all kinds have surprised everyone by continuously reaching new highs. SJC Company listed the buying price of gold rings at 81.5 million VND/tael and the selling price at 83 million VND/tael.

Phu Nhuan Jewelry Company (PNJ) sold gold rings at VND83.3 million/tael, but the buying price increased to VND82.5 million/tael. Similarly, Bao Tin Minh Chau Company traded plain gold rings at VND82.54 million/tael, and sold at VND83.44 million/tael. Some gold shops bought 24K gold rings of all kinds at up to VND83 million/tael.

Gold expert Tran Duy Phuong said that the high price of gold rings, continuously reaching new peaks, has boosted the demand for gold purchases from the market. Some forecasts that the world gold price will soon reach the threshold of 2,800 - 3,000 USD/ounce have also triggered the demand for gold purchases again, especially gold rings. However, the scarce supply has pushed the price of gold rings higher and higher, attracting the attention of buyers at this time, especially when the price of gold rings fluctuates closely with the world price, while SJC gold bars are listed and priced daily by the State Bank.

While the price of SJC gold bars has remained stable for the past week, the price of gold rings has continuously set new records. Photo: LAM GIANG

"Although demand has increased, large gold companies have almost run out of gold ring supply for many months. People who want to buy are having difficulty, and the quantity they can buy at a time is limited. Small gold shops are also pushing up the price of gold rings," said Mr. Phuong.

For many years, the State Bank has not granted licenses to businesses to import raw gold through official channels, and the police have dismantled many illegal gold rings, so the supply of raw gold on the market is currently very scarce. Regarding SJC gold bars, some experts say that the price may continue to increase, but it will depend on the state's management policy.

Mr. Huynh Trung Khanh, senior advisor to the World Gold Council in Vietnam, said that recent reports from many international financial institutions have predicted that gold prices will continue to increase, so domestic gold prices cannot "stand aside". However, because domestic gold prices are not linked to the world and businesses are not allowed to import raw gold to produce SJC gold bars and gold rings, the level of fluctuations will be difficult to predict.

Source: https://nld.com.vn/bat-ngo-gia-vang-nhan-196240927205449436.htm