At the end of last year, Ms. Kim Ngan (Ha Dong, Hanoi) spent her spare money to buy 10 taels of gold rings at the price of 61.7 million VND/tael. At that time, she was quite hesitant because she bought it when the price had increased quite high. However, on the morning of July 12, she sold it and made a profit of 13.45 million VND.

Similarly, Thanh (47 years old, Bac Tu Liem district) and her husband bought 5 taels of gold on February 27 for 66.23 million VND/tael. On the morning of July 12, seeing the high price of gold rings, she decided to sell all of them for 75.88 million VND/tael, earning a profit of nearly 5 million VND. This profit is much higher than saving.

For nearly a decade (from 2014-2023), the price of gold rings has always been stable and lower than that of gold bars. The buying and selling gap of gold rings is usually maintained at the threshold of 0.5-1 million VND/tael per session.

But from the end of 2023, the price of gold rings began a strong increase cycle, with some sessions increasing by more than 1 million VND/tael.

For example, on December 14, 2023, Bao Tin Minh Chau listed plain round gold rings at the price range of 61.48-62.58 million VND/tael (buy - sell), an increase of 1.15 million VND/tael in both directions; Doji Gold and Gemstone Group traded 9999 gold rings at 61.2-62.15 million VND/tael (buy - sell), an increase of 1.1-1.15 million VND/tael compared to the session on December 13, 2023.

Saigon Jewelry Company (SJC) bought and sold gold rings in this session at 60.65-61.7 million VND/tael, an increase of 750 thousand VND/tael in both directions compared to the previous session. Meanwhile, Phu Nhuan Jewelry Company (PNJ) bought and sold gold rings at 60.6-61.7 million VND/tael, an increase of 600,000-700,000 VND/tael.

In the first months of this year, the price of gold rings has had spectacular breakthroughs, continuously breaking previous records. There were sessions when gold rings increased by 1-2 million VND/tael.

gold signal 1 3137 3509.jpg
Gold ring price skyrockets. Photo: Chi Hieu

For example, on January 19, the price of gold rings exceeded 65 million VND/tael, with some brands increasing by 750,000 VND/tael compared to the previous session.

On February 27, the price of gold rings set a new record at 66 million VND/tael. The Thang Long dragon gold plain round ring at Bao Tin Minh Chau closed this session at 65.13-66.23 million VND/tael (buy - sell).

On March 5, the price of gold rings reached a new peak, reaching more than 68.6 million VND.

By the morning of March 8, some brands had raised the price of gold rings to 69 million VND/tael. By March 9, the price of gold rings had reached a new peak, surpassing 71 million VND/tael.

On April 9, the price of gold rings increased crazily, reaching a new peak of 77 million VND/tael. On April 10, the price of gold rings reached a new peak of 78 million VND/tael.

After that, the price of gold rings stagnated. From mid-April until now, the price of gold rings has fluctuated around the price range of 74-77 million VND/tael (selling price).

Notably, since June 3, when the State Bank sold gold bars through four state-owned commercial banks and SJC Company, the price of SJC gold bars has remained stable at 74.98-76.98 million VND/tael (buy - sell) while the price of gold rings has been adjusted in line with the world gold price.

There were sessions when the price of gold rings increased by up to 1 million VND/tael. Therefore, the difference between gold rings and SJC gold bars is increasingly narrowing.

On July 12, the market witnessed a strong breakthrough of gold rings. From a level lower than SJC gold bars by over 10 million VND/tael at the beginning of the year, the price of gold rings has become equal, and some brands have even surpassed the price of SJC gold bars. This is the first time in history that the price of gold rings has "surpassed" that of SJC gold bars.

Early in the morning of July 12, Doji raised the price of 9999 smooth round gold rings to 76.15-77.4 million VND/tael (buy - sell); Bao Tin Minh Chau Company listed the price of Thang Long smooth round gold rings at 75.88-77.18 million VND/tael; SJC raised the price of 1-5 chi gold rings to 75.1-76.7 million VND/tael; PNJ raised the price of gold rings to 75.15-76.6 million VND/tael.

The price of gold rings of all brands in the early morning of July 12 was half a million dong more expensive than the closing price the day before.

At the same time, the price of gold rings of some brands is higher than the price of gold bars.

At Doji, the price of plain round gold rings is 1.17 million VND/tael more expensive than the price of SJC gold bars for buying and 420 thousand VND/tael more expensive for selling. At Bao Tin Minh Chau, the price of plain round gold rings is 380 thousand VND/tael more expensive than the price of SJC gold bars for buying and 200 thousand VND/tael more expensive for selling.

By the end of the session on July 12, the price of gold rings of some brands had cooled down but was still higher than the price of SJC gold bars.

Thus, compared to the end of last year, the domestic price of gold rings has increased by about 14-15 million VND per tael, depending on the brand.

Thanks to that, people who bought gold rings since the end of last year have made big profits.

The price of gold rings increased sharply, surpassing gold bars for the first time. After many years of quietly "under the control" of SJC gold bars, the price of gold rings has made a strong breakthrough, surpassing gold bars for the first time. The price of gold rings this morning increased by more than half a million VND, surpassing 77 million VND/tael.