The price of plain rings is higher than gold bars

The purchase price of plain rings at brands this morning increased and exceeded SJC gold bars by 200,000 VND per tael.

On the morning of October 3, Saigon Jewelry Company (SJC) increased the price of gold rings by VND100,000 to VND81.6 - 83 million per tael. At other brands such as DOJI, PNJ, Bao Tin Minh Chau, the price of plain rings also increased to VND83 million per tael. The purchase price of other brands was around VND82.2 million, VND200,000 per tael higher than SJC gold bars.

At the same time, gold price The selling price on the market is still flat at 84 million VND. The buying price is listed by SJC at 82 million VND per tael.

In the international market, the price of precious metals has fluctuated up and down in recent days and has not yet established a clear trend. Currently, each ounce of spot gold is around 2,657 USD, converted according to Vietcombank's selling rate, equivalent to 79.6 million VND per tael. The price of gold bars is currently 4.4 million VND higher than the world price, while gold rings are 3.4 million VND.

After reaching a peak of 2,685 USD per ounce, the international gold price has tended to stagnate while the US dollar has increased sharply. The USD Index has increased by 1.5% since the beginning of the month, causing the domestic USD price to also increase slightly in the past few days. This morning, Vietcombank listed the exchange rate at 24,500 - 24,890 VND, an increase of 150 VND in the past few days.

Plain gold rings on display at the store. Photo: Giang Huy

Forecasting the price of gold in the coming time, many experts believe that the precious metal is still in an upward cycle. However, gold may face short-term adjustments.

UOB Bank's Global Economics and Market Research Department forecasts that gold could reach $2,700 an ounce in the fourth quarter of 2024, $2,800 in the first quarter of 2025, $2,900 in the second quarter and $3,000 in the third quarter of next year.

The main risk in this scenario is the possibility of an unexpected resurgence in inflation, forcing the US Federal Reserve (Fed) to scale back its expected rate cuts, which could lead to a resurgence in the US dollar and interest rates, which would be detrimental to gold. In addition, a resurgence in the US dollar for various reasons beyond forecasts could also put pressure on gold.

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