Gold ring price hits historic peak, surpassing 65 million VND/tael

Bao Tin Minh Chau listed the price of plain round gold rings at 64.13 - 65.18 million VND/tael (buy - sell)

Opening this morning's trading session, gold ring prices were adjusted up and down in opposite directions at domestic gold businesses. The highest increase of up to 200,000 VND/tael, along with the increase from previous trading sessions, has pushed the price of gold rings closer to the 65 million VND/tael mark at most businesses.

Notably, Bao Tin Minh Chau alone has pushed the price of gold rings to the highest level in the market, exceeding 65 million VND/tael. This is also the highest price in the history of domestic gold rings recorded.

With the same increase of 50,000 VND for buying and 100,000 VND for selling this morning, the enterprises Bao Tin Minh Chau, Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Joint Stock Company (PNJ) increased their buying price by 50,000 VND.

Currently, Bao Tin Minh Chau lists the price of plain round gold rings at 64.13 - 65.18 million VND/tael (buy - sell); SJC lists the price of 9999 gold rings of type 1-5 only at 62.65 - 63.85 million VND/tael; 9999 gold rings of type 0.5 only are listed at 62.65 - 63.95 million VND/tael; and PNJ lists 24K gold rings at 62.6 - 63.8 million VND.

DOJI Group today increased the price of 9999 Hung Thinh Vuong round rings by 50,000 VND for buying and 200,000 VND for selling, currently anchored at 63.9 - 64.95 million VND/tael.

Meanwhile, Phu Quy Group reduced the price of 24K gold rings by 50,000 VND for buying to 63.15 million/tael, but increased the price by 200,000 VND for selling to 64.55 million VND.

With SJC gold bars, this morning's trading session mainly recorded downward fluctuations. In particular, SJC decreased by 500,000 VND in the buying direction but remained unchanged in the selling direction, currently anchoring the price of gold bars at 73.8 - 76.8 million VND/tael.

Compared to the price of the last trading session of the week, the price of SJC gold bars here is still 200,000 VND lower. This development, combined with the difference in buying and selling prices offered by businesses of up to 3 million VND/tael, means that gold buyers from last week have recorded a loss of 3.2 million VND/tael, equivalent to a net loss of more than 4%.

With PNJ and DOJI, these two businesses maintain a sideways trend for SJC gold bars. Currently, PNJ anchors the price at 74.3 - 76.9 million/tael and DOJI anchors the price at 74.25 - 76.75 million VND.

Meanwhile, Phu Quy increased by 100,000 VND in selling price, decreased by 350,000 VND in buying price, keeping the price of SJC gold bars traded at the end of the week at 74.05 - 76.5 million VND/tael. Mi Hong gold remained unchanged in selling price, decreased by 200,000 VND in buying price, traded at 74.7 - 75.7 million VND/tael.

Bao Tin Minh Chau also adjusted down both buying and selling prices of SJC gold bars by 250,000 VND and 50,000 VND respectively, currently trading at 74.05 - 76.65 million VND/tael.

In the world, the spot gold price increased by nearly 10 USD in the last session of the week to 2,029 USD /ounce. However, the precious metal still recorded a decrease of about 1% during the past week. Currently converted to Vietnamese currency (excluding taxes and fees), the world gold price is equivalent to 60.5 million VND/tael.

Traders expect a 47% chance that the Federal Reserve will cut interest rates in March, down from 71% last week, according to the CME Fed Tracker.

HA (according to Zing)

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