At the end of last week, the price of gold rings of the brands was still anchored at a high level.

Accordingly, at the end of last week, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 87.4-88.9 million VND/tael (buy - sell). Doji Jewelry Group listed the price of buying - selling plain round gold rings at 88-89 million VND/tael.

Meanwhile, the price of Thang Long Dragon gold rings of Bao Tin Minh Chau Company ended last week at 87.98-88.98 million VND/tael (buy - sell). The price of gold rings at Phu Nhuan Jewelry Joint Stock Company (PNJ) ended last week at 88-89.15 million VND/tael (buy - sell).

This week, the price of gold rings has been plummeting. There have been many sessions where gold rings have "evaporated" from half a million to several million dong.

Right in the first trading session of the week (November 4), the price of gold rings of the brands was adjusted down from 200-400 thousand VND/tael for buying and down 200-360 thousand VND/tael for selling. The price of gold rings in this session lost the mark of 89 million VND/tael (selling).

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Gold ring prices plummet. Photo: Chi Hieu

In the second trading session of the week (November 5), the price of gold rings of the brands decreased by 100-300 thousand VND/tael for buying and decreased by 290-400 thousand VND/tael for selling.

By the third trading session of the week (November 6), the price of gold rings at many brands continued to be adjusted down by 200-400 thousand VND/tael for buying and down by 50-400 thousand VND/tael for selling.

Notably, in the 4th trading session of the week (November 7), the price of gold rings plummeted, adjusted hourly, following the downward trend of world gold prices.

In total, on November 7, the price of gold rings of various brands decreased by 4.5-6.3 million VND for buying and 4.35-4.6 million VND/tael for selling. This is the record decrease in domestic gold prices in one day so far.

However, in the 5th trading session of the week (November 8), the price of gold rings reversed and increased sharply with an increase of 1-1.8 million VND/tael for buying and an increase of more than 1 million VND/tael for selling, the selling price of many brands exceeded 85 million VND/tael.

In the last trading session of the week (November 9), the price of gold rings of all brands remained unchanged.

At the end of this week, the price of gold rings at SJC was listed at 82-84.8 million VND/tael (buy - sell), at Doji it was 83.35-85.15 million VND/tael (buy - sell).

The price of Thang Long Dragon gold rings closed this week at 83.32-85.12 million VND/tael (buy - sell). The price of gold rings at PNJ closed the week at 83.4-85.2 million VND/tael (buy - sell).

Thus, in general this week, the price of gold rings at SJC decreased by 5.4 million VND/tael for buying and 4.1 million VND/tael for selling. The price of gold rings at Doji also decreased by 4.65 million VND/tael for buying and 3.85 million VND/tael for selling.

Similarly, the price of Thang Long Dragon gold "evaporated" 4.66 million VND/tael in buying price and decreased 3.86 million VND/tael in selling price.

The price of gold rings at PNJ also "flew" 4.6 million VND/tael in buying and decreased 3.95 million VND/tael in selling.

This is the sharpest drop in domestic gold ring prices. Previously, gold ring prices usually only dropped a few hundred thousand VND/tael per session.

Gold bar prices this week also plummeted following world prices. Notably, on November 7, SJC gold bar prices were adjusted down 5 times with a total decrease of 6 million VND/tael for buying and 3.5 million VND/tael for selling.

Previously, the price of SJC gold bars experienced a sharp decline after the news that the State Bank sold gold directly to 4 banks, from which these banks sold gold directly to the people.

From 88.5-90.5 million VND/tael (buy - sell) on May 28, gold price plummeted to 74.98-76.98 million VND/tael (buy - sell) on June 6.

However, the daily decrease during this period was only from 1-4 million VND/tael, not up to 6 million VND/tael in the buying direction like on November 7.