At the beginning of this year, the difference between the price of gold rings and gold bars was still quite high, fluctuating over 10 million VND/tael.

Specifically, in the session of January 3, the price of 1-5 chi gold rings of Saigon Jewelry Company (SJC) was listed at 61.9-62.95 million VND/tael (buy - sell). Meanwhile, the price of SJC gold bars in this session was traded at 72-75 million VND/tael (buy - sell).

Thus, the price of SJC gold rings in the first trading session of the year was 10.1 million VND/tael lower for buying and 12.05 million VND/tael lower for selling compared to the price of SJC gold bars.

By the trading session on June 3 (the first day the State Bank of Vietnam (SBV) sold gold bars to 4 state-owned commercial banks and SJC Company), domestic gold prices fell sharply. In this session, some brands reduced the price of gold rings by up to 700,000 VND/tael, and the price of gold bars decreased by more than 3 million VND/tael.

At the end of the session on June 3, the price of 1-5 chi 9999 SJC gold rings was bought and sold at 73.4-75 million VND/tael, the price of SJC gold bars was listed at 77.98-79.98 million VND/tael (buy - sell).

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Gold ring prices increase. Photo: Chi Hieu

The gap between the prices of gold bars and gold rings in the session on June 3 has narrowed. The prices of these two types of gold at SJC in this session are only 4.58 million VND/tael apart for buying and 4.98 million VND/tael apart for selling.

By the end of this week's trading session (July 6), the price of domestic gold rings skyrocketed following the world price, with some brands becoming more expensive by more than half a million VND overnight, approaching the 77 million VND/tael mark.

Specifically, 9999 round smooth gold rings at Doji Gold and Gemstone Group increased to 75.65-76.95 million VND/tael (buy - sell), an increase of 600 thousand VND/tael in both buying and selling compared to the closing price of the previous session.

Similarly, Bao Tin Minh Chau Company also strongly increased the price of Thang Long Dragon gold rings to 75.38-76.68 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both buying and selling compared to the previous session.

Meanwhile, SJC listed the price of gold rings of type 1-5 at only 74.6-76.2 million VND/tael (buy - sell), an increase of 200 thousand VND per tael in both buying and selling compared to the closing price on Friday.

The price of gold rings at Phu Nhuan Jewelry Joint Stock Company (PNJ) was traded at 74.6-76.1 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in buying and an increase of 100 thousand VND/tael in selling compared to the previous day's closing price.

Meanwhile, the price of SJC gold bars has remained "unchanged" for many days. On July 6, major gold companies such as SJC, Doji, and PNJ listed the price of SJC gold bars at 74.98-76.98 million VND/tael (buy - sell).

With this development, the difference between the price of gold rings and gold bars has been significantly shortened, with some brands having the price of gold rings equal to that of gold bars.

The price of gold rings at SJC is currently only 380 thousand VND/tael lower than the price of gold bars of this brand in the buying direction and 780 thousand VND/tael lower in the selling direction.

At PNJ, the price of gold rings is only 380 thousand VND/tael lower for buying and 880 thousand VND/tael lower for selling compared to gold bars.

At other gold businesses, gold rings are equal in price to gold bars.

At Bao Tin Minh Chau, the price of plain round gold rings is equal to the price of gold bars of this brand.

At Doji, the price of plain round gold rings is even 670 thousand VND/tael higher than the price of gold bars in the buying direction and only 30 thousand VND/tael lower in the selling direction.

Thus, from a difference of more than 10 million VND/tael at the beginning of the year, the price of plain round gold rings and domestic gold bars are now approximately the same.

The State Bank has repeatedly affirmed that it has enough determination and resources to stabilize the gold market and narrow the gap between domestic and international gold prices.

Since early June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC. The regulator sets the selling price of gold bars to the market by setting a margin of 1 million VND compared to the price these units buy from the State Bank.

At the State Bank's meeting at the end of June, gold bar sellers said they would improve processes and technology to facilitate people with real needs and eliminate speculation.

Gold rings are more expensive than half a million VND overnight, up to nearly 77 million VND. The price of domestic gold rings today (July 6) skyrocketed following the world price, some brands are more expensive than half a million VND overnight, approaching the 77 million VND/tael mark while gold bars are unchanged. The price of SJC gold rings is 380 thousand VND/tael (buy) higher than gold bars.