Gold ring prices increase, people have a harder time lining up to buy than during the subsidy period

This morning (October 9), the price of gold rings is anchored at nearly 84 million VND/tael. The price of gold rings has increased by more than 30% since the beginning of the year, but to buy gold rings, people have to "watch" the time to queue and the shops are selling less than during the "subsidy" period.

Saigon Jewelry Company listed gold price Round ring 82 - 83.4 million VND/tael buy - sell. Price gold ring Round is listed by Bao Tin Minh Chau Company at 82.68 - 83.58 million VND/tael for buying and selling.

Other businesses such as Doji and Phu Quy listed the price of round gold rings at 82.85 - 83.6 million VND/tael for buying and selling.

Gold ring price has continuously increased over the past 2 weeks according to price world. Meanwhile, the price of gold bars SJC increased slightly. Enterprises such as Saigon Jewelry Company, Bao Tin Minh Chau, Doji, Phu Quy... listed the price of SJC pieces increased by 1 million VND/tael compared to yesterday morning to 83 - 85 million VND/tael for buying and selling.

At the same time, the world gold price was at 2,621 USD/ounce, down 23 USD/ounce compared to yesterday morning.

Since the beginning of the year, the price of gold rings has increased by 30% while the price of SJC gold bars has only increased by about 15%. At this time, it is difficult for people to buy SJC gold bars when ordering online. Number of points sell gold bars of Saigon Jewelry Company and 4 bank There are not many state-owned gold bars in the country today, mainly concentrated in Hanoi and Ho Chi Minh City, making it quite difficult for people to access buying and selling SJC gold bars, especially customers in other provinces and cities.

Lucky people received gold purchase numbers on the afternoon of October 8. Photo: Ngoc Mai.

Meanwhile, with gold rings, gold buyers suffer from queuing at many stores.

On the afternoon of October 8, at Tran Nhan Tong gold street - Hai Ba Trung (Hanoi), people lined up at a gold ring store. However, after only 5 minutes of distributing 60 gold purchase tickets, the store announced that it had sold out of gold for the day. However, even though the lucky people were able to line up to buy, each person was only allowed to buy 2 taels.

Ms. Nguyen Hoa (Thanh Xuan, Hanoi) said: “I have a little money my children gave me so I bought gold for peace of mind, but I have never found it so difficult to buy gold. It took me a week to wait in line to have the chance to buy 2 taels of gold. Before, I could buy as much gold as I wanted. Now I have to wait in line to buy gold and receive an appointment to pick it up 2 weeks later. Today, the store doesn’t even have any gold to make an appointment.”

According to experts, the reason for the difficulty in buying both gold bars and gold rings is due to limited supply and the ability of businesses to hoard goods.

The market currently has two segments that investors are interested in, including gold bars. SJC and plain round gold rings. The gold bar market is under control so the price does not fluctuate much. Therefore, many people are looking to buy plain round gold rings.

According to Mr. Nguyen Quang Huy - financial expert of Nguyen Trai University, the gold bar market is being squeezed, the gold ring bubble is bulging. At the same time, gold rings are not controlled so the price continues to increase even though there are times when the world gold price decreases.

The store announced that it was out of gold in the entire system, causing many people to sadly return home. Photo: Ngoc Mai.

Mr. Huy commented that the price of gold in the near future could increase to 3,000 USD/ounce. This expert said that the time when the price of gold reaches this level could be early 2025.

"In the short term, the world gold price may reach the milestone of 2,700 USD/ounce this year. The main reasons for the increase in gold price are escalating geopolitical tensions in the world, central banks and investors increasing purchases and the interest rate management policy of the US Federal Reserve (FED)," said Mr. Huy.

Mr. Huy emphasized that the price of gold rings does not always follow the world market. In the long run, the two markets move in the same direction. However, in some periods, the prices will be different because the two markets are not connected to each other.

On the currency market, on October 9, the State Bank listed exchange rate Center 24,186 VND/USD, continued to increase 15 VND/USD. Commercial banks listed USD prices at 24,665 - 25,025 VND/USD for buying and selling.

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