Exactly one week ago, the price of gold in the country unexpectedly surged, especially 24K gold rings which increased even more than SJC gold bars. As of the end of March 1st, the prices of 24K gold rings and jewelry of various types at Saigon Jewelry and Gemstone Company (SJC) were listed at 64.4 million VND per tael for buying and 65.6 million VND per tael for selling, an increase of 300,000 VND per tael compared to the previous day.
The demand for gold rings has remained high since the God of Wealth Day until now. Photo: LAM GIANG
Bao Tin Minh Chau company quoted the price of smooth 24K gold rings at 65.73 million VND per tael for buying and 66.83 million VND per tael for selling. A few days ago, gold shops in Ho Chi Minh City were still quoting around 63 million VND per tael for smooth 24K gold rings, but now they have raised it to 64 million VND per tael for buying and 64.3 million VND per tael for selling. Since the God of Wealth Day (February 19th) until now, the price of 24K gold rings has increased by 2-3 million VND.
In the context of the hot rise in gold ring prices, many major gold brands have reported running out of this type of gold. At noon on March 1st, Ms. Ngoc (residing in Binh Thanh district, Ho Chi Minh City) visited the PNJ store on Hai Ba Trung street, district 3, inquiring about buying a 1 chi smooth ring, and the staff there said that the 24K gold ring, 1 chi smooth type, was sold out, only the 0.5 tael type was left. According to this staff, 1 chi 24K gold rings have been sold out since the God of Wealth Day until now. Ms. Ngoc asked the staff to check PNJ’s system in Ho Chi Minh City and found that there is only 1 branch that still has this type of gold.
In the role of a person who needs to buy gold rings, a reporter contacted a branch of DOJI Group on 3/2 street, district 10, and the staff there said that only a few single units of 1-chi and 2-chi smooth rings are left, and if customers want to buy a large quantity, there is none.
Meanwhile, the director of a gold company in district 5 affirmed that there is no shortage of smooth gold rings. “If this brand no longer has it, other brands still have it. The increase in the price of gold rings is not because of a shortage” – said the director.
Explaining why 24K gold rings are not exclusive, Phuong, a gold expert, analyzed that the strong increase and maintenance of high prices of 24K gold rings in recent times, especially since the God of Wealth Day until now, is mainly due to the market’s continuous high demand for buying gold rings. The rest is due to the increase in the global gold price. In fact, the current global gold price is about 2,046 USD per ounce, if converted at the bank exchange rate, it is about 61.2 million VND per tael; and at the free market exchange rate, it will reach 62.8 – 63 million VND per tael. “The price of gold rings of brands such as SJC, PNJ, DOJI is about 3 million VND per tael higher than the global price, but compared to the price of gold rings at gold shops, it is only a difference of 1 to 2 million VND. This is a reasonable difference, not because of a shortage of gold rings” – Phuong stated his viewpoint.
