The price of gold rings from various brands currently hovers around 75 million VND/tael. In contrast to the volatile price of SJC gold bars, the price of gold rings remains high.
Specifically, Bao Tin Minh Chau Company lists the price of plain gold rings at VND 73.88 – 75.48 million/tael for buying and selling. Saigon Jewelry Company sets the price at VND 73.3 – 75 million/tael. These prices are lower than the record price for gold rings set two weeks ago at over VND 78 million/tael.
A gold shop employee announces that they have run out of gold rings on the morning of April 20 (photo: Ngoc Mai).
However, according to a survey by Tiền Phong, many large gold shops in Hanoi have reported running out of gold rings of all types. The majority of shops only have 1-tael SJC gold bars in stock.
At 9:00 AM this morning, at the Bao Tin Minh Chau shop on Tran Nhan Tong Street (Hai Ba Trung, Hanoi), many people lined up to buy gold. However, a shop employee announced: “Today, we are only accepting purchases and not selling any gold rings. The shop is only selling 1-tael SJC gold bars.”
Many customers lined up to buy gold rings but were met with a shortage and instead bought SJC gold bars (photo: Ngoc Mai).
Ms. Bich Thu (Dong Da, Hanoi) shared: “I just withdrew my savings and didn’t know where to invest, so I decided to buy gold. SJC gold bars are currently expensive, so I wanted to buy gold rings. I was very surprised when the shop told me they didn’t have any and asked me to leave my phone number so they could let me know when they had them in stock. They didn’t specify when that would be.”
At Bao Tin Manh Hai this morning, shop staff repeatedly told their customers: “We’re still out of gold rings. If you want to place an advance order, you can come back in a few days to collect your gold.” Previously, this shop chain had been taking advance orders but did not set specific dates for delivery.
Saigon Jewelry Company also reported that they were out of SJC gold rings and only had gold bars left.
Despite visiting five stores, Ms. Minh Hang (Long Bien, Hanoi) was still unable to buy gold rings of any kind. “I wanted to buy a 1-chi gold ring to give to my mother when I went home for the holiday, but I’ve spent the whole morning going to different stores and I still can’t find any. I’ve never seen it so difficult to buy gold when I have the money,” said Ms. Hang.
According to PV’s observations, the demand for gold rings has surged in recent days, especially after the State Bank’s first round of bidding to stabilize the gold market by increasing the supply of SJC gold bars. Simultaneously, the State Bank is summarizing and evaluating the implementation of Decree 24, which will propose suitable solutions for managing the gold market.
Following the announcement from the State Bank’s leadership, many people holding gold bars have been selling them and buying gold rings instead. The reason for this is that currently, SJC gold bars are priced VND 15-16 million/tael higher than the converted world gold price, depending on the time of day, while the price of gold rings is only around VND 4 million/tael higher.
In an interview with PV Tiền Phong, a representative from a major gold company said that in recent days, with savings interest rates dropping to extremely low levels and the price of gold bars and rings remaining high, many people have been withdrawing their savings to buy gold rings. There have been cases where people have bought 5, 10, or even several dozen taels of gold rings.
Meanwhile, gold companies have not been authorized to import gold raw materials for several years. Therefore, the current supply of gold rings is primarily made up of melted-down old jewelry gold, resulting in a very limited quantity. During periods of high demand, production companies cannot keep up, meaning they do not always have stock on hand as they used to.
In the market, the supply of gold raw materials has also shown signs of scarcity as authorities have been intensifying their efforts to crack down on gold smuggling rings.
