Gold ring prices fell by just VND100,000 per tael despite a drop of up to $44 per ounce (about VND1.4 million) in global prices.
On the morning of July 20, SJC, PNJ, DOJI, Bao Tin Minh Chau, and four commercial banks (Vietcombank, Agribank, BIDV, and VietinBank) kept the selling price of SJC gold bars unchanged at VND80 million per tael.
Meanwhile, the price of 24K gold rings produced by SJC and PNJ fell slightly from VND77.2 million to VND77.1 million per tael, even though global gold prices plummeted by up to $44 per ounce (equivalent to VND1.4 million per tael) overnight, ending the week at $2,400 per ounce.
According to gold traders, if the domestic gold ring prices had dropped in tandem with global prices, gold companies might have incurred losses. This is because gold trading units have been buying gold at high prices, so when global gold prices fall sharply, gold ring prices cannot be reduced significantly.
Previously, global gold prices surged strongly in the early morning of July 18, up to $58, to $2,469 per ounce. Immediately, the price of gold rings on that day increased by more than VND500,000 per tael.
However, on July 20, when global gold prices fell by $44 per ounce, gold ring prices fell by only VND100,000 per tael.
Gold Price ‘Slams the Brakes’ on Lunar New Year’s Eve
After a strong uptrend, gold prices worldwide paused on February 9th (the 30th day of the lunar year). Internally, most gold businesses closed, while some local gold shops remained open on the last day of the lunar year, selling SJC gold at around 78.5 million VND per tael and plain gold rings at 64 million VND per tael.
Buyers Enjoy Big Profits from Gold Rings
This morning (28/2), while the price of SJC gold decreased, gold rings saw a significant increase, breaking the record set at the beginning of February. Therefore, buyers of gold rings on the day of the God of Wealth gained half a million dong per tael.
The Golden Ring That’s Flying Off the Shelves
Gold prices for jewelry and 24K gold rings continue to reach new highs. Additionally, there is a shortage of 1-tael and 5-gram gold rings happening at stores.
Shocking Increase in Price of Gold Rings Due to Scarcity?
The price of 24K gold rings keeps reaching new highs, with some places selling them for nearly 67 million Vietnamese dong per tael.
Record-breaking prices: Why is the demand for gold rings so high?
Despite soaring gold ring prices, consumer demand at stores remains robust, causing local shortages and leaving many frustrated customers empty-handed.
