World gold price drops, gold rings still rise close to old record

Giá vàng nhẫn lại lên sát mức kỷ lục cũ - Ảnh 1. — The price of gold rings is only 2 million VND/tael lower than the price of gold bars - Photo: NGOC PHUONG

World gold price drops, gold ring price still goes up

At the end of today, October 14, the world gold price slightly decreased to 2,651.4 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 79.97 million VND/tael.

World gold price decreased but the price of 9999 gold ring today continuously increased.

SJC Company raised the selling price of 9999 gold rings from 82.9 million VND/tael to 83 million VND/tael and then closed at 83.2 million VND/tael.

This price is close to the highest price of gold rings ever sold at major gold companies, which is 83.55 million VND/tael.

Bao Tin Minh Chau Company today listed the selling price of gold rings at 83.83 million VND/tael, buying at 82.93 million VND/tael, an increase of 250,000 VND/tael in both buying and selling compared to the end of last week.

At DOJI Company, the selling price of 9999 gold rings is at 83.85 million VND/tael, the buying price is 82.55 million VND/tael, an increase of 250,000 VND/tael for selling and 200,000 VND/tael for buying.

Gold market is quiet

In the free market, SJC gold bars are traded at around 85.8 - 84.8 million VND/tael (selling - buying), while gold rings are sold at around 82.7 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 5.03 million VND/tael higher, while the price of gold rings is 3.23 million VND/tael higher.

After a period of overheating, world gold prices have stabilized around the threshold of 2,600 USD/ounce.

Many experts believe that the tension in the Middle East is supporting the increase in world gold prices, but gold prices will also be under pressure if the USD strengthens.

Experts also predict that world gold prices may have to experience a sharp decline before reaching the threshold of 2,700 USD/ounce.

Talking to Tuoi Tre Online , the owners of several gold shops said that in recent days, although gold prices have increased, transactions on the gold market have been very quiet.

The reason is that people holding money are reluctant to buy gold at high prices, while those with gold are hesitant to sell. This situation may last for a while as they wait for a signal from the market.