Early this morning, the price of gold rings at Phu Nhuan Jewelry Joint Stock Company (PNJ) was traded at 74.4-76.1 million VND/tael (buy - sell), an increase of 800 thousand VND/tael in the buying direction and an increase of 850 thousand VND/tael in the selling direction compared to yesterday's closing price.

Similarly, Bao Tin Minh Chau Company opened today's trading session raising the price of Thang Long gold rings to 74.98-76.28 million VND/tael (buy - sell). Compared to yesterday's closing session, the price of Thang Long gold rings increased by 500 thousand VND/tael in both buying and selling directions this morning.

Doji Gold and Gemstone Group also increased the price of gold rings this morning. The price of 9999 round smooth gold rings was listed at 75.1-76.3 million VND/tael (buy - sell) at 9:07 am, an increase of 550 thousand VND/tael for buying and 500 thousand VND/tael more expensive for selling compared to yesterday's closing price.

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Gold ring prices increase. Photo: Nguyen Hue

Meanwhile, Saigon Jewelry Company (SJC) listed the price of 1-5 chi gold rings in Ho Chi Minh City at 9:43 am at 74.1-75.7 million VND/tael (buy - sell), an increase of 500 thousand VND per tael in both buying and selling compared to yesterday's closing price.

The difference between the buying and selling price of gold rings of brands currently fluctuates between 1.2-1.7 million VND per tael.

Meanwhile, the price of SJC gold bars has remained "unchanged" for many days. On the morning of June 21, major gold companies such as SJC, Doji, and PNJ listed the price of SJC gold bars at 74.98-76.98 million VND/tael (buy - sell). This is the 11th consecutive session that SJC gold bars have been kept unchanged by companies.

The price of SJC gold bars announced by four state-owned commercial banks including Agribank, BIDV, Vietcombank and VietinBank this morning continued to remain at 76.98 million VND/tael.

While the price of SJC gold bars remains unchanged, the price of gold rings continues to increase. With this development, the price of gold rings is about to equal the price of gold bars.

Currently, the price of SJC gold bars is only about 1.18-1.28 million VND/tael higher than the price of plain gold rings. This is a record low difference in recent months.

Not only is the gap with ring gold price narrowing, SJC gold price is also narrowing the gap with world price.

World gold prices closed the trading session on June 20 at a two-week high. Gold prices accelerated after recent data showed signs of a slowdown in the US economy, reinforcing the possibility that the US Federal Reserve (Fed) will cut interest rates this year.

At 10:38 a.m. on June 21 (Vietnam time), the spot gold price was at 2,360.8 USD/ounce, up 14.5 USD/ounce compared to last night.

Converted at the current exchange rate at Vietcombank, world gold costs more than 72.48 million VND/tael (excluding taxes and fees).

The world gold price is currently 4.5 million VND lower than the price of SJC gold bars and 3.22 million VND/tael lower than the price of SIC gold rings.