The Golden Loop: A Shocking Revelation

Although the global gold price witnessed a significant drop, the domestic gold ring price only saw a minuscule decrease, leaving consumers perplexed.

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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.

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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.