Gold ring price skyrocketed all week, exceeding 71 million VND/tael

gold 1 253.jpg — Gold ring price increased dramatically

This week, the price of gold rings continued to increase sharply from last week. Gold rings continuously set new price peaks. Some brands have pushed the price of gold rings to exceed 71 million VND/tael, the highest mark in history.

In particular, at the end of the week (March 9), the price of gold rings was adjusted to increase strongly by all brands, some increased by more than 1 million VND/tael compared to the previous session.

Specifically, the price of Thang Long Dragon gold ring closed the session on March 9 at 69.78-71.08 million VND/tael (buy - sell), an increase of 1.2 million VND/tael in the buying direction and an increase of 1.3 million VND/tael in the selling direction compared to the closing session on March 8.

Overall, the price of Thang Long Dragon gold rings increased by 3 million VND/tael for buying and increased by 3.1 million VND/tael for selling.

Last week, the price of Thang Long Dragon gold rings also increased by 2.3 million VND/tael in buying and increased by 2.4 million VND/tael in selling.

Thus, after 2 weeks, the price of Thang Long Dragon gold rings has increased by 5.3 million VND/tael in buying price and 5.5 million VND/tael in selling price.

The price of 9999 round smooth gold rings at DOJI Gold and Gemstone Group also increased, closing the weekend session at 69.7-71 million VND/tael (buy - sell), an increase of 1.3 million VND/tael in buying and an increase of 1.35 million VND/tael in selling compared to the previous session.

During the past week, the price of gold rings at DOJI increased by 3.1 million VND/tael for buying and increased by 3.2 million VND/tael for selling.

Last week, the price of gold rings at DOJI increased by 2.4 million VND/tael for buying and increased by 2.45 million VND/tael for selling.

From last week to this week, the price of gold rings at DOJI increased by 5.5 million VND/tael for buying and 5.65 million VND/tael for selling.

Meanwhile, the price of 9999 gold rings of 1-5 chi of Saigon Jewelry Company (SJC) listed at the end of the week in Ho Chi Minh City at 68.35-69.6 million VND/tael (buy - sell), an increase of 1 million VND/tael in both buying and selling compared to the previous session's closing price.

All week, the price of SJC 9999 gold rings increased by 3.05 million VND/tael for buying and 3.1 million VND/tael for selling.

After 2 weeks, the price of SJC 9999 gold rings increased by 4.9 million VND/tael for buying and 4.95 million VND/tael for selling.

Similarly, the price of gold rings of Phu Nhuan Jewelry Joint Stock Company (PNJ) also increased sharply, listed at the end of the week at 68.1-69.35 million VND/tael (buy - sell), an increase of 750 thousand VND/tael in the buying direction and an increase of 700 thousand VND/tael in the selling direction compared to the previous closing session.

Last week, PNJ's gold ring price increased by 1.9 million VND/tael (buy) and 1.85 million VND/tael (sell).

In general, in 2 weeks, PNJ's gold ring price increased by 2.65 million VND/tael for buying and 2.55 million VND/tael for selling.

Analysts say the recent sharp increase in gold ring prices is due to limited domestic supply as smuggling is tightened and gold trading businesses are not licensed to import raw gold.

On the other hand, a part of the people shifted from holding gold bars to gold rings, due to concerns about changes in policy on gold bars.

According to economic expert Nguyen Tri Hieu, gold rings can be used for both investment purposes and daily purposes as jewelry, which is more useful. While gold bars have the sole purpose of investment, they have higher liquidity.

Moreover, at the beginning of the year, families often balance their financial resources to calculate the most effective investment channels. While the real estate market is still "frozen", stocks are less attractive, and bank interest rates are at "rock bottom", gold has become the top attractive choice for many people.

In fact, in recent years, gold investment has been quite profitable, from 10-15%/year, much higher than savings. At this time, interest rates have dropped sharply, many people have the mentality of withdrawing money to buy gold for speculation or hoarding.

Gold expert Tran Duy Phuong commented that the price of gold rings increased due to 3 reasons: the world gold price increased, the USD exchange rate increased and it is still in the gold buying cycle of many people so demand increased.

“From now until the end of the year, the world gold price will certainly continue to increase, about 200 USD more. Therefore, the price of gold rings at around 70 million VND/tael is normal,” Mr. Phuong shared.

HA (according to Vietnamnet)

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