Plain gold ring price exceeds 101 million VND/tael

(Dan Tri) - The price of gold rings and gold bars in the country is increasing faster than the world price. There are brands selling plain rings for over 101 million VND/tael, an unprecedented high.

Plain gold ring price exceeds 100 million VND/tael

On March 19, the price of SJC gold bars was listed at 98.6-100.4 million VND/tael (buy - sell), an increase of 600,000 VND/tael for buying and 900,000 VND for selling compared to the closing price of yesterday's session.

The price of gold rings listed by SJC is 98.4-100.3 million VND/tael (buy - sell), an increase of 500,000 VND for buying and 900,000 VND for selling compared to the closing price of yesterday's session.

For the first time, SJC Company listed the selling price of gold rings at over 100 million VND/tael for sale. At some other private gold brands, the selling price of gold rings has exceeded 101 million VND/tael. Specifically, some businesses listed at 99.25-100.9 million VND/tael (buy - sell), some listed at 99.35-101.1 million VND/tael (buy - sell)...

Previously, on March 18 and 19, the price of gold rings also fluctuated strongly, increasing by more than 2 million VND/tael each afternoon during the day.

The price of gold rings has increased, but it is not easy for people to buy. These stores are crowded with customers coming to buy gold, but each person can only buy a maximum of 1 chi. There was a time when the gold shop ran out of 1 chi, so people had to switch to buying plain rings of 0.5 chi, 2 chi, and 5 chi.

Domestic prices increased in the context of world prices above the threshold of 3,000 USD/ounce, specifically anchored around 3,024 USD/ounce. Converted at the exchange rate excluding taxes and fees, the world price is equivalent to 94 million VND/tael.

Gold prices rose sharply as investors flocked to the precious metal in search of a safe haven amid concerns over escalating conflict in the Middle East and US President Donald Trump's plans to impose tariffs.

Plain gold rings increase in price continuously (Photo: Tien Tuan).

This week, investors' attention is focused on the monetary policy meeting of the US Federal Reserve (Fed) and other central banks. The Fed decided to keep interest rates in the current range of 4.25-4.5%. The market now expects further easing in June.

ANZ recently raised its three-month gold price forecast to $3,100 an ounce and its six-month forecast to $3,200 an ounce, while UBS set a price target of $3,200 an ounce for this year.

Free USD exchange rate increases

The central exchange rate announced by the State Bank on March 19 was 24,790 VND, down 3 VND compared to the previous session. Applying a 5% band, the USD exchange rate allowed by commercial banks to trade ranges from 23,551 VND to 26,027 VND.

Major banks listed exchange rates at 25,320-25,710 VND (buy - sell), up 30 VND in both buying and selling compared to before. Joint stock banks traded USD at the price range of 25,320-25,720 VND (buy - sell).

In the free market, the USD exchange rate increased by 50 VND in both buying and selling compared to the previous trading session, trading at 25,810-25,910 VND/USD (buying - selling).

Source: https://dantri.com.vn/kinh-doanh/gia-ban-vang-nhan-vuot-moc-100-trieu-dongluong-20250320011007033.htm