Gold ring price hits all-time high, surpassing SJC gold bars for the first time

This morning, October 30, the price of gold rings set a new record at 89.3 million VND/tael, 300,000 VND/tael higher than the price of SJC gold bars.

Specifically, at 10:00 a.m., the price of 9999 round gold rings listed at Doji Gold and Gemstone Group was at VND88.3 - 89.3 million/tael (buy - sell), the highest ever. This price is also VND300,000/tael higher than the current price of SJC gold bars, which is at VND87 - 89 million/tael (buy - sell).

This is the first time in history that the price of gold rings has exceeded the price of SJC gold bars. This development occurred in the context that the price of SJC gold bars is being set by the State Bank to stabilize the market, while the price of gold rings fluctuates according to world prices.

At Saigon Jewelry Company Limited (SJC), the price of gold rings is listed at 87 - 88.8 million VND/tael (buy - sell), still 200,000 VND/tael lower than the price of gold bars.

At Bao Tin Minh Chau, the price of gold rings is at 87.98 - 88.98 million VND/tael (buy - sell), only 20,000 VND/tael lower than the price of SJC gold bars.

The price of gold rings is at an all-time high, surpassing SJC gold bars for the first time. (Illustration: Cong Ly Newspaper)

According to experts, the recent sharp increase in gold ring prices is due to the impact of world prices. Meanwhile, world gold prices are also affected by geopolitical conflicts, the US presidential election and the possibility of the Fed changing interest rates in a downward direction.

In addition, the demand for gold by Vietnamese people is very large because gold is considered as an asset for storage and savings. When gold bars are increasingly difficult to buy, many people seek gold rings, causing the points of sale to fall into a state of scarcity of supply.

At the same time, many people are still holding on to gold, waiting for the price to go up to sell. Meanwhile, the State Bank has not made any move to allow gold trading enterprises to import gold. Therefore, gold rings are increasingly sold less and less due to limited supply.

" If the gold ring market continues to have a "fever", it is likely that the State Bank will have to intervene ," expert Nguyen Tri Hieu predicted.

In the world, the gold market was again stirred up this morning when the price of the precious metal reached 2,778 USD/ounce, the highest in history. Since the beginning of the year, the price of gold has increased by more than 34%.

Experts say bulls appear to be taking advantage of the dollar's pause and rising yields, along with the momentum from US election risks and expectations of a rate cut by the US central bank.

Gold is expected to maintain its upward trend and may even hit $2,800 an ounce in the coming days, as long as US election risks continue to weigh on market sentiment while expectations of a Fed rate cut remain unchanged.

Source