The world gold price today set a new record, causing the domestic gold ring price to increase dramatically. Many brands increased the price of gold rings by more than 1 million VND per tael in just one day, surpassing the 80 million VND/tael mark for the first time.

Specifically, early this morning, all brands increased the price of gold rings by half a million VND per tael compared to yesterday's closing price.

By this afternoon, the domestic gold ring price continued to be adjusted to increase sharply.

At 2:20 p.m., Doji Gold and Gemstone Group raised the price of 9999 plain round gold rings to 79.25-80.35 million VND/tael (buy - sell), an increase of 650 thousand VND/tael in both buying and selling compared to the morning. This is the highest price ever for plain round gold rings in the country.

Similarly, Bao Tin Minh Chau Company also increased the price of Thang Long Dragon gold rings to 79.23-80.33 million VND/tael (buy - sell), also increasing by 650 thousand VND/tael in both directions.

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Gold ring prices increase. Photo: Nguyen Hue

Not out of the trend, Phu Nhuan Jewelry Company (PNJ) raised the price of gold rings to 79.15-80.2 million VND/tael, an increase of 550 thousand VND/tael for buying and more than 500 thousand VND/tael for selling.

Saigon Jewelry Company (SJC) this afternoon also increased the price of 1-5 chi gold rings to 78.6-79.9 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both directions compared to the morning.

Thus, today, the price of gold rings of many brands is more than 1 million VND per tael more expensive than yesterday's closing price.

Compared to the price of 61.9-62.95 million VND/tael in the first trading session of the year (January 3), the price of SJC gold rings has increased by 16.7 million VND/tael for buying and 16.95 million VND/tael for selling.

Meanwhile, the price of SJC gold bars today was adjusted to increase slightly by 200,000 VND/tael compared to yesterday's closing price, trading around 80-82 million VND/tael (buy - sell).

Domestic gold prices have increased rapidly following developments in the international market. The world spot gold price today reached a new peak of 2,610 USD/ounce. The precious metal benefited after the US Federal Reserve (Fed) announced its first interest rate cut in more than 4 years.

Converted at the VND/USD exchange rate at Vietcombank, the international gold price is equivalent to nearly 78.5 million VND/tael, including taxes and fees. The world gold price is currently 3.5 million VND lower than the price of SJC gold bars and 1.4 million VND/tael lower than the price of SJC gold rings.

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.

After many years of being quietly under the control of SJC gold bars, the price of gold rings has had a rapid breakthrough since the end of last year and the beginning of this year. In April, the price of gold rings had sessions that increased by up to 2 million VND/tael.

Notably, the increase in the price of plain gold rings is superior to that of SJC gold bars after the State Bank intervened in the policy of gold bar monopoly.

Since June 3, when the State Bank sold gold through four state-owned commercial banks and SJC Company, the price of SJC gold bars has remained stable for many sessions while the world gold price has increased sharply. The price of gold rings has been continuously adjusted in line with the world gold price.

Therefore, the difference between SJC gold rings and gold bars has been shortened. From a difference of more than 10 million VND/tael at the beginning of the year, the price of smooth round gold rings is now less than 2 million VND/tael lower than the price of SJC gold bars.

Thanks to the rapid increase in prices, people who bought gold rings since the end of last year and the beginning of this year have made big profits.

At the end of last year, Ms. Thanh Hoa (Ha Dong, Hanoi) saved money to buy a tael of gold ring for 61.7 million VND/tael. When buying, she hesitated because the price of gold ring had increased quite high at that time. Today, she sold it and made a profit of 16.9 million VND.

Similarly, Ms. Nhan (Thanh Xuan district) bought 10 taels of gold at the end of February for 66.23 million VND/tael. On the afternoon of September 20, seeing the high price of gold rings, Ms. Nhan decided to sell all of the gold and made a profit of more than 12 million VND. This profit is much higher than saving.

Gold price today September 20, 2024: World gold price skyrockets to new peak, gold rings break record Gold price today September 20, 2024 Domestic gold rings this afternoon increased by 550,000 VND in both directions, reaching a record high of more than 80.2 million VND/tael (sold), SJC gold bars remained at 82 million VND/tael. World gold price increased sharply, reaching a new peak.