Gold Ring Prices Spike Unexpectedly During Holiday Break

This morning (30/4), Bảo Tín Minh Châu unexpectedly adjusted the price of gold up to 74.68-76.28 million VND/tael, an increase of 100,000 VND compared to the close of yesterday.

Meanwhile, the price of SJC gold bars at this enterprise remains unchanged at 82.65-84.75 million VND/tael.

Other gold shops are also keeping the price of SJC gold and the price of plain gold rings unchanged compared to yesterday.

SJC gold price, plain round ring price at gold trading enterprises listed this morning, April 30. 

Mi Hồng is the business that lists the lowest gold price when the SJC gold price is only 84.1 million VND/tael and the gold price is sold at 73.8 million VND/tael. 

Since reaching a peak of 78.8 million VND per tael on April 10, the price of plain gold rings has fallen sharply, currently hovering around 76 million VND/tael. 

Globally, according to Vietnam time, the gold price is trading at the level of USD 2,335.22/ounce, slightly decreased by more than USD 1 compared to the close of yesterday. Accordingly, the world gold price is currently at the equivalent of 70.2 million VND/tael, which is lower than the domestic gold price by more than 14 million VND per tael.

 Compared to the historical peak, the world gold price decreased by more than USD 60.  Previously, the world gold price increased due to the support of the weakening USD, while investors waited for the US Federal Reserve’s (Fed) policy meeting. Political instability is also the reason for the increase in the world gold price. 

Forecasting the world gold market in the coming time, experts said that this market still has a lot of potential. The driving force supporting gold prices to increase further comes from the information that a series of countries will hold elections this year, along with the volatility of military conflicts in many parts of the world. In addition, central banks around the world have a huge demand for gold, making it difficult for the price of precious metals to fall.