Gold ring prices remained relatively stable on the morning of August 3, with selling prices currently hovering above 77.5 million VND per tael.
Specifically, at SJC Company, gold ring prices are listed at 76.15-77.65 million VND per tael. DOJI Group offers rates at 76.4-77.55 million VND per tael. Bao Tin Minh Chau and PNJ, meanwhile, list their rates at 76.32-77.52 million VND and 76.25-77.55 million VND per tael, respectively.
The buy-sell price differential for gold rings varies across brands. SJC Company currently quotes a differential of 1.5 million VND per tael, while DOJI quotes a narrower spread of 1.15 million VND per tael.
SJC gold prices remain unchanged today, holding steady at 87.3-79.8 million VND per tael.
In the international market, gold prices surged to $2,478 per ounce last night (August 2, Vietnam time), approaching the record high of $2,484 set on July 17. However, by 9:30 am on August 3, gold prices retreated to $2,443 per ounce, equivalent to approximately 75 million VND per tael when converted using the current VND/USD exchange rate, excluding taxes and fees.
Gold is benefiting from expectations of interest rate cuts in the US. The Federal Reserve (Fed) has recently signaled its intention to cut rates in September. Following the decision to maintain rates at the July meeting, Fed Chairman Jerome Powell stated in a press conference that a rate cut could occur “as soon as the next meeting.”
Additionally, escalating tensions in the Middle East are driving some investors towards safe-haven assets, with gold being a preferred choice.
