Unexpected price of gold ring

The difference in buying and selling price of gold bars is kept by businesses at 2 million VND/tael.

The prices of 24K gold rings and jewelry gold of all kinds surprised everyone when they continuously reached new highs. SJC Company listed the buying price of gold rings at 81.5 million VND/tael and the selling price at 83 million VND/tael.

Phu Nhuan Jewelry Company (PNJ) sells gold rings at VND83.3 million/tael but the buying price increases to VND82.5 million/tael. Similarly, Bao Tin Minh Chau Company buys plain gold rings at VND82.54 million/tael and sells at VND83.44 million/tael. Some gold shops buy 24K gold rings of all kinds at up to VND83 million/tael.

Gold expert Tran Duy Phuong said that the high price of gold rings, continuously reaching new peaks, has boosted the demand for gold purchases in the market. Some forecasts that the world gold price will soon reach the threshold of 2,800 - 3,000 USD/ounce have also triggered the buying force of gold again, especially gold rings. However, the scarce supply has pushed the price of gold rings higher and higher, attracting the attention of buyers at this time, especially when the price of gold rings fluctuates closely with the world price, while SJC gold bars are listed and set daily by the State Bank.

While the price of SJC gold bars has remained stable for the past week, the price of gold rings has continuously set new records. Photo: LAM GIANG

"Although demand has increased, large gold companies have almost run out of gold ring supply for many months. People have had difficulty buying, and the quantity they can buy at a time is limited. Small gold shops have also pushed up the price of gold rings," said Mr. Phuong.

For many years, the State Bank has not licensed businesses to import raw gold through official channels, and the police have also broken up many illegal gold rings, so the supply of raw gold on the market is currently very scarce. Regarding SJC gold bars, some experts say that the price may continue to increase, but it will depend on the state's management policy.

Mr. Huynh Trung Khanh, senior advisor of the World Gold Council in Vietnam, said that recent reports from many international financial institutions have predicted that gold prices will continue to increase, so domestic gold prices cannot "stand aside". However, because domestic gold prices are not linked to the world and businesses are not allowed to import raw gold to produce SJC gold bars and gold rings, the level of fluctuations will be difficult to predict.

Source: https://nld.com.vn/bat-ngo-gia-vang-nhan-196240927205449436.htm