The Doji Group listed the price of smooth round gold rings at 75.65 – 76.95 million VND per tael.
Saigon Jewelry Company listed the price of smooth rings at 74.6 – 76.3 million VND per tael.
The price of smooth rings is on par with SJC gold bars.
Bao Tin Minh Chau Jewelry Company also listed the price of smooth rings at 75.38 – 76.68 million VND per tael.
The price of gold rings has been increasing for a week, although the increase is not significant, it is in line with the global gold price trend.
Meanwhile, gold bars remain unchanged at 76.98 million VND per tael for over a month, which is 1 million VND higher than the price offered by the State Bank of Vietnam to four state-owned banks and SJC.
At the same time, the global gold price is listed at 2,386 USD/ounce, equivalent to 73 million VND/tael excluding taxes and fees. Thus, the price of SJC gold bars and gold rings is only about 4 million VND/tael higher than the global market.
According to experts, in the first six months of the year, gold rings were the most efficient investment channel among stocks, bonds, USD, deposits, and government bonds. Specifically, the price of gold rings increased by nearly 22%, while SJC gold bars only rose by over 4%.
In the short term, investors can hold gold but it may not be very attractive to increase their allocation. In the long term, holding other assets is more appealing.
In the foreign exchange market, on July 8, the State Bank of Vietnam listed the central exchange rate at 24,246 VND/USD. At commercial banks, the USD exchange rate fluctuated around 25,208 – 25,458 VND/USD.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Gold Prices Surge, Exceeding 78 Million Dong per Tael
This morning (2/2), the domestic gold price continued to soar, surpassing 78 million dong per tael. In just 3 consecutive trading sessions, the domestic gold price has increased by 1.8 million dong per tael.
