Gold Round Ring Price Bounces Back Strongly

In a survey at 8:30 AM today, April 27, all gold shops adjusted the price of 24K gold up compared to the opening price yesterday. The average increase is 1 million VND per tael.

Specifically, the price of plain gold ring was adjusted up by 1.06 million VND/tael for buying and 960,000 VND/tael for selling by Bao Tin Minh Chau, currently at 74.68-76.28 million VND/tael.

DOJI also listed 9999 Hưng Thịnh Vượng round ring at 75.05-76.7 million VND/tael, up 1.25 million VND/tael for both buying and selling.

Phu Nhuan Jewelry (PNJ) listed the price of this precious metal at 73.8-75.5 million VND/tael, up 700,000 VND/tael for buying and 800,000 VND/tael for selling.

Compared to the historical peak set on April 10, the price of plain round gold is still about 2.5 million VND/tael lower.

Meanwhile, SJC gold price continued to increase since yesterday. The price was adjusted up by an average of 500,000-700,000 VND per tael compared to the opening price yesterday. 

For example, Saigon Jewelry listed the price of SJC gold at 83 – 85.2 million VND/tael. Doji Hanoi Gold Shop kept the gold price at 82.6 – 84.8 million VND/tael. PNJ also adjusted the price of SJC gold up to 83-85.2 million VND/tael. The price of this precious metal at Mi Hong Gold Shop is currently at 83.3-84.7 million VND/tael.

Since the beginning of the week, the State Bank has successfully organized a gold bar auction on April 23. With a volume of 16,800 taels of gold bars offered for auction, the result was 3,400 taels of gold bars winning the bid. In which, 2,000 taels of gold bars won the bid with the highest price of 81.330 million VND/tael and 1,400 taels won at exactly the floor price of 81.320 million VND/tael – the price set by the State Bank.

The State Bank continued to organize an auction to sell SJC gold bars on April 25. However, this auction was canceled because only one entity submitted a bid. By organizing gold bar auctions, the State Bank expects to increase the supply of this precious metal, contributing to reducing the difference between domestic and world gold prices. 

On the world market, at the same time of the survey in Vietnam time, the spot gold price is currently at USD 2337.9/ounce, up USD 7.3 compared to the previous session. In conversion, the world gold price is equivalent to about VND 71,3 million/tael, still much higher than the domestic gold price by VND 12,9 million/tael. 

Forecasting the world gold market in the coming time, experts believe that this market still has a lot of prospects. According to analysts, the gold price will increase even further as a series of countries hold elections this year, along with the volatility of military conflicts in many parts of the world. In addition, central banks around the world are in great demand for gold, making it difficult for the precious metal price to fall.