Gold price today: Gold rings increase sharply

The price of 24K gold rings at SJC increased by VND250,000 for both buying and selling, to VND74.4-76 million per tael. At other gold shops, this type increased higher, close to the price of gold bars. Bao Tin Minh Chau listed each tael of plain round rings at VND76.36 million, DOJI also increased the selling price to VND76.35 million.

Meanwhile, gold bars continued to remain unchanged at 76.98 million VND per tael, 1 million higher than the price the State Bank sold to 4 state-owned banks and SJC.

With this threshold, each tael of gold ring is only over half a million dong away from gold bars. While in the past, the difference between these two types of gold was often several million to tens of million dong, depending on the time.

The increase in domestic gold rings was accompanied by the heat in the world market. Unsatisfactory data on the US labor market pushed the price of the precious metal up by 27 USD, equivalent to more than 1% yesterday. At the end of the trading session on July 3, each ounce of spot gold was at 2,355 USD, the highest since June 21. In the session on July 4, the price increased to nearly 2,360 USD, before falling back to around the closing level of yesterday’s session.

Converted at Vietcombank exchange rate, each tael of international gold is nearly 72.3 million VND. Accordingly, the difference between domestic and international gold bar prices is currently over 4 million VND, similar to gold rings.

At the State Bank meeting in late June, gold bar sellers said they would improve processes and technology to facilitate people with real needs and eliminate speculation. The management agency also reiterated its stance of “having enough resources and determination” to stabilize the domestic gold market.

Since early June, authorities have increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC.

Domestic gold bars have remained at VND76.98 million per tael for nearly a month. However, people’s demand for buying remains high, forcing four state-owned banks and SJC to switch to online sales (allowing buyers to order on the website and receive gold at their branches), instead of directly at their points of sale. This is to reduce the situation of long queues waiting in front of transaction offices and branches.