World gold prices set a new record, causing gold ring prices to increase sharply. Some brands raised the price of gold rings by half a million dong, approaching the price of gold bars.

Specifically, early this morning, Saigon Jewelry Company (SJC) sharply increased the price of gold rings by half a million VND per tael. Gold rings of 1-5 chi of this brand opened this morning's trading session at 77.8-79.1 million VND/tael (buy - sell), an increase of 500 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group adjusted the buying price up by VND400,000/tael and the selling price up by VND450,000/tael compared to the closing price of yesterday's trading session. Doji listed the price of 9999 round gold rings at VND77.9-79.1 million/tael (buy - sell) early this morning.

Not out of the trend, Phu Nhuan Jewelry Company (PNJ) also raised the price of gold rings to 77.95-79.1 million VND/tael, an increase of 450 thousand VND/tael in both buying and selling compared to yesterday's closing price.

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Gold ring price hits new peak. Photo: Chi Hieu

Meanwhile, Bao Tin Minh Chau Company increased the price of Thang Long gold rings to 77.88-79.08 million VND/tael (buy - sell). Compared to the closing price of yesterday's trading session, the price of Thang Long gold rings increased by 400 thousand VND/tael in the buying direction and increased by 450 thousand VND/tael in the selling direction.

The level of 79.1 million VND/tael is the highest price to date of 9999 gold rings in the country.

Compared to the first trading session of the year, the price of SJC gold rings has increased by 15.9 million VND/tael for buying and 16.15 million VND/tael for selling.

Meanwhile, the price of SJC gold bars remains unchanged. SJC gold bars are currently traded by brands at around 78.5-80.5 million VND/tael (buy - sell).

The price of gold rings is approaching the price of gold bars. Currently, the price of SJC gold rings is only 700 thousand VND/tael lower than the price of SJC gold bars for buying and 1.4 million VND/tael lower than the price of SJC gold bars for selling.

The gap between the buying and selling prices of SJC gold rings is currently 1.3-1.4 million VND/tael. The gap between the buying and selling prices of SJC gold bars is currently 2 million VND/tael.

Gold ring prices increased sharply following the developments of world gold prices.

At the end of the trading session on September 12, the world spot gold price increased to a new peak of 2,558 USD/ounce, far surpassing the previous record of 2,531.06 USD/ounce set on August 20.

This morning, the world gold price continued to rise. At 10:06 am today (September 13, Vietnam time), the world spot gold price was at 2,565.2 USD/ounce, up 7.2 USD/ounce compared to yesterday's closing price.

World gold prices increased sharply due to the pressure being removed when the European Central Bank (ECB) continued its monetary policy easing cycle, cutting interest rates by 25 basis points to 3.5%. This is the second time in 3 months that this agency has loosened monetary policy.

At the same time, gold prices also increased due to expectations that the US Federal Reserve (Fed) will cut interest rates at its meeting in mid-September, after data showed the US economy slowing down.

Converted at the VND/USD exchange rate at Vietcombank, the international gold price is equivalent to nearly 77.2 million VND/tael, including taxes and fees.

The world gold price is currently 3.3 million VND lower than the price of SJC gold bars and 1.9 million VND lower than the price of SJC gold rings.