Specifically, at Bao Tin Minh Chau, the price of 24k solid gold rings is listed at 67.83-69.03 million VND/tael, an increase of 300 thousand VND/tael compared to yesterday. DOJI Group has also raised the price of round gold rings to nearly this threshold, listed at 67.70-68.95 million VND/tael.
Phu Nhuan Precious Metals and Saigon Precious Metals have listed the price of solid gold rings at a lower level but it is also the highest level to date for these two companies. Currently, the buying price is around 67 million VND/tael and the selling price is 68.4-68.5 million VND/tael.
After reaching nearly 82 million VND/tael in the afternoon of March 7, SJC gold price has turned to decline by about 200-300 thousand VND/tael. Specifically, at Saigon Precious Metals, the price of SJC gold is listed at 79.5-81.5 million VND/tael.
Thus, investors who bought gold on the God of Wealth Day three weeks ago and sold it at this time all have profits. Among them, buyers of 24k solid gold rings have a profit of about 2 million VND/tael.
Internationally, gold is still trading at its all-time high. Currently, the spot gold price is around 2,155 USD/ounce. Convertible at the USD/VND exchange rate at commercial banks, the international gold price is equivalent to only 64 million VND/tael (excluding taxes and fees).
According to Kitco News, the unexpected recovery of gold to new all-time highs is causing even experienced experts to scratch their heads looking for the real reason.
James Steel, an analyst at HSBC Holdings PLC, told Bloomberg in a report that the gold price movement is surprising because there has been no significant change in expectations of interest rate cuts or clear macroeconomic motivation.
