After a week of strong increases, the domestic gold ring price this morning turned to a sharp decline due to the impact of world gold prices. The gold ring price of many brands has lost the 76 million VND/tael mark.

Saigon Jewelry Company (SJC) today sharply reduced the price of gold rings. This morning, SJC listed the price of gold rings of 1-5 chi in Ho Chi Minh City at 73.75-75.35 million VND/tael (buy - sell), down 450 thousand VND per tael in both buying and selling compared to yesterday's closing price.

Similarly, the price of gold rings at Phu Nhuan Jewelry Joint Stock Company (PNJ) was also adjusted down quickly. Gold rings at PNJ this morning were traded at 73.95-75.65 million VND/tael (buy - sell). Compared to the end of yesterday's session, the price of gold rings at PNJ has decreased by 350 thousand VND/tael in both directions.

Bao Tin Minh Chau Company also lowered the price of Thang Long Dragon gold rings to 74.68-75.98 million VND/tael (buy - sell), down 300 thousand VND/tael in both buying and selling compared to yesterday's closing price.

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Gold ring prices cool down. Photo: Chi Hieu

The price of 9999 round smooth gold rings at Doji Gold and Gemstone Group this morning also decreased by 400 thousand VND/tael in buying and 250 thousand VND/tael in selling compared to yesterday's closing price, buying - selling at the price range of 74.7-76.05 million VND/tael.

The difference between the buying and selling price of gold rings of brands currently fluctuates between 1.3-1.7 million VND per tael.

Although it dropped rapidly in the last trading session of the week, overall last week, the price of domestic gold rings achieved a fairly strong increase.

Compared to the closing price last week, the price of gold rings of all brands increased. Specifically, this week, the price of gold rings at SJC increased by 400 thousand VND/tael in both buying and selling directions. The price of gold rings at PNJ increased by 550 thousand VND/tael in both directions. The price of smooth round gold rings of Thang Long dragon gold increased by 500 thousand VND/tael in both buying and selling directions. Meanwhile, Doji last week increased the price of smooth round gold rings of 9999 by 450 thousand VND/tael in buying direction and increased by 550 thousand VND/tael in selling direction.

Meanwhile, the price of SJC gold bars has remained unchanged for many days. On the morning of June 22, 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). This is the 12th consecutive session that SJC gold bars have been kept unchanged by companies.

On the world market , the price of gold plunged at the end of the week, down by 40 USD/ounce, due to the stronger USD and the increase in US government bond yields. At the end of the week, the world spot gold price reached 2,320 USD.

World gold converted at the current exchange rate at Vietcombank is 71.23 million VND/tael (excluding taxes and fees).

Compared to the world gold price, each tael of SJC gold bar is currently 5.75 million VND/tael more expensive than the world price. The price of SJC gold rings is 4.12 million VND/tael higher.

Gold rings are more expensive than half a million VND overnight, up to 76 million VND. The domestic gold ring price today (June 21) skyrocketed following the world price, more expensive than half a million VND overnight, surpassing 76 million VND/tael while gold bars remained unchanged. Currently, the price of SJC gold rings is only more than 1 million VND/tael away from gold bars.