Specifically, early this morning, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 86.9-88.6 million VND/tael (buy - sell), down 100 thousand VND per tael in both buying and selling compared to the end of yesterday's trading session.

By noon today, SJC had pulled the price of gold rings down to 86.8-88.3 million VND/tael (buy - sell), a further decrease of 100,000 VND/tael for buying and a further decrease of 300,000 VND/tael for selling.

Thus, today, SJC gold ring price decreased by a total of 200 thousand VND/tael in buying and decreased by 400 thousand VND/tael in selling.

Similarly, Doji Gold and Gemstone Group also lowered the price of 9999 gold rings to 87.5-88.5 million VND/tael (buy - sell), down 100,000 VND/tael for buying and down 300,000 VND/tael for selling compared to the closing price yesterday.

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Gold ring prices cool down. Photo: Chi Hieu

Compared to the record price of 88.6-89.6 million VND/tael (buy - sell) achieved last weekend, the price of gold rings at Doji has "evaporated" 1.1 million VND/tael in both buying and selling directions.

Following the same trend, Bao Tin Minh Chau Company also lowered the buying price for Thang Long dragon gold rings.

This afternoon, the price of Thang Long gold rings and gold dragons was bought and sold in the range of 87.48-88.48 million VND/tael, down 300 thousand VND in both directions compared to the closing price of the previous session.

Phu Nhuan Jewelry Company (PNJ) today also reduced the selling price of gold rings to 87.4-88.5 million VND/tael (buy - sell), down 300 thousand VND/tael for buying and 290 thousand VND/tael cheaper for selling compared to the closing price on November 4.

Buy Sell
SJC 86,800,000 VND/tael 88,300,000 VND/tael
Doji 87,500,000 VND/tael 88,500,000 VND/tael
PNJ 87,400,000 VND/tael 88,500,000 VND/tael
Thang Long Dragon Gold 87,480,000 VND/tael 88,480,000 VND/tael

Domestic gold ring price list at the end of session 11/5

Meanwhile, SJC gold bars today remained unchanged at the price range of 87-89 million VND/tael (buy - sell).

The selling price of gold rings at brands is currently 500-700 thousand VND/tael lower than the price of SJC gold bars.

The buying price of gold rings at SJC is currently 200,000 VND lower than that of gold bars. The buying price of gold rings at other businesses is 400,000-500,000 VND per tael higher than that of SJC gold bars.

The price of gold rings decreased in the context of a slight decrease in precious metals on the international market. At 3:51 p.m. today (November 5, Vietnam time), the world spot gold price was at 2,740.3 USD/ounce, down 6 USD/ounce compared to last night.

The world gold price converted according to Vietcombank's selling rate is equivalent to more than 84.9 million VND per tael (including taxes and fees). The difference between the price of SJC gold bars and the world gold price is currently 4.1 million VND per tael.

Analysts say gold prices are "taking a break" after the recent strong fluctuations, as investors await the results of the US presidential election.