On today’s date 01/3, the price of round smooth 24k gold continues to increase and reaches a new record high. At Bao Tin Minh Chau (Hanoi), the price of 9999 round smooth gold rings is listed at 65.53-66.58 million dong per tael, an increase of 100 thousand dong per tael compared to yesterday. The price of round smooth gold rings listed at DOJI Group is currently 65.3-66.45 million dong per tael. Meanwhile, at the Phu Nhuan gold, silver and precious stone system (PNJ) in Ho Chi Minh City and Hanoi, the price of gold rings also increased to 64.2-65.5 million dong per tael.
The price of gold rings has shown signs of strong growth since the end of 2023. Before the Lunar New Year, the price reached 65 million dong per tael, then fluctuated slightly around that level.
Compared to the same period last year, the price of gold rings has increased by nearly 10 million dong, equivalent to an increase of about 17%.
With the current upward trend, will the price of gold rings continue to increase in the future?
According to TS. Nguyen Tri Hieu, an economic expert, the price of gold may continue to set new highs as other investment channels with risks like stocks have not brought about positive profit margins, while real estate is still facing difficulties. The rising volatility of gold is more attractive than the savings investment channel as the continuous decrease in deposit interest rates. Hieu also believes that with the current mentality of holding gold in difficult times, the price of gold has a lot of motivation to increase.
Earlier, the representative of the Vietnam Gold Business Association forecasted that the trend of gold prices in 2024 would increase more than decrease. After the Lunar New Year, the traditional cultural and spiritual belief of many Vietnamese people is to buy gold for luck in the year. Therefore, in recent years, during the period after the Lunar New Year, the price of gold has increased significantly.
In addition, some people think that the demand for gold rings is increasing. Meanwhile, this item is falling into scarcity due in part to the stagnation of the gold raw material supply.
On the other hand, some people are shifting from buying gold pieces to gold rings out of concern or waiting for clear regulations on the exclusivity of SJC gold pieces. These factors will push up the price of gold rings.
From a different perspective, TS. Dinh Trong Thinh, an economic expert, believes that the price of gold will be difficult to break through. According to Thinh, the state management agency is taking measures to intervene and regulate when the price of gold has recently risen too high. This person also analyzes that the price of gold in Vietnam is significantly different from the world price. In the coming time, the price of gold will tend to adjust to approach the world price.
In the world market, the price of gold is currently around 2,045 USD/ounce, equivalent to about 63 million dong per tael. Therefore, SJC gold in Vietnam is currently about 17 million dong per tael higher than the world price, while round smooth gold rings (non-SJC) – which used to be equivalent to the world gold price – are now “riding the wave” and are also more expensive by over 2 million dong per tael.
