Gold ring price increases dramatically, experts explain the reason

At 5:30 p.m. on April 6, 2024, the domestic SJC gold price increased sharply in the selling direction compared to the early morning of the same day. Saigon Jewelry Company Limited - SJC listed the SJC gold price at 79.5 million VND/tael and the selling price at 81.9 million VND/tael. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted to increase by 380,000 VND/tael in the selling direction and kept the buying price stable.

After adjusting the selling price, the difference between buying and selling gold at this unit is at 2.4 million VND/tael.

Giá vàng nhẫn tăng dữ dội, chuyên gia lý giải nguyên nhân

Gold price listed at Saigon Jewelry Company Limited - SJC. Website screenshot at 5:30 p.m. on April 6, 2024

At the same time, the SJC gold price at Bao Tin Minh Chau was listed at 79.5 million VND/tael for buying and 81.65 million VND/tael for selling. Compared to the early morning of the same day, the SJC gold price here was adjusted up 200,000 VND/tael for buying and up 400,000 VND/tael for selling.

The difference between the buying and selling price of SJC gold listed by Bao Tin Minh Chau is at 2,150 million VND/tael.

Gold price listed at Bao Tin Minh Chau. Website screenshot at 5:30 p.m. on April 6, 2024

As for gold rings, as of 5:30 p.m., Bao Tin Minh Chau listed the price of round, smooth gold rings at VND72.83 - 74.23 million/tael for buying and selling. Compared to the opening of the trading session yesterday morning, the price of gold rings at Bao Tin Minh Chau increased by VND2.15 million/tael for buying and increased by VND2.35 million/tael for selling.

In just the past month, the price of plain round gold rings has increased to a record high, helping investors and people buy gold to make a profit. In the trading session on March 6, 2024, the selling price of gold rings was 68.63 million VND/tael and on April 6 (at 5:30 p.m.), the buying price of gold rings was 72.83 million VND/tael. After deducting the difference between buying and selling, holders of plain round gold rings made a profit of 4.2 million VND/tael.

With an increase of over 2 million VND per tael, gold rings have set a new record of over 74 million VND per tael and are getting closer to the price of gold bars.

Ms. Thanh Thao (My Dinh, Hanoi) said that on God of Wealth Day 2024, she bought a plain round ring at Bao Tin Minh Chau for 66 million VND/tael. As of today, each tael of gold purchased for storage has earned a profit of more than 6.8 million VND per tael. "Recently, the domestic gold bar price has fluctuated, so like most people, I chose gold rings to invest and store. The price of gold rings is softer than the price of gold bars, and closely follows the world gold price, so at that time, I chose to invest in gold rings instead of gold bars " - Ms. Thanh Thao said.

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Investors and people choose to buy gold rings more than gold bars, this psychological factor has pushed the price of gold rings up. Illustrative photo

Analyzing the reasons for the surge in domestic gold ring prices, some experts said that because the gold market is worried about the amendments related to the market management and operation policy (Decree 24) for gold bars, many investors and people have switched to buying gold rings for investment. Therefore, this consumer psychology has pushed the price of gold rings up sharply.

Analysts also said that while the price of SJC gold bars is "holding its breath" waiting for the amendment of Decree 24, gold rings are dominating. In addition, the scarce supply is also a factor pushing the price of gold rings up in recent days. It is forecasted that from now until the end of the year, the world gold price may reach 2,600 USD/ounce, accordingly, the domestic gold ring price may continue to increase to 77-78 million VND/tael.

Bao Tin Minh Chau Company said that at its business establishments, today the number of buyers accounted for 55% of the total transaction volume, while the number of sellers accounted for 45%. "The domestic gold price is fluctuating strongly. Therefore, investors and people should consider carefully before trading and regularly monitor the gold price on official channels to make the right decision" - Bao Tin Minh Chau representative recommended.

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