On August 22nd, the price of gold rings surged by 100,000 VND per tael compared to the previous day, reaching 78.4 million VND per tael. Gold ring prices are currently at their highest in three months. The buy-sell spread for gold rings ranges from 1.1 to 1.3 million VND per tael, depending on the gold brand. Gold ring prices have been on a continuous upward trend over the last three trading sessions.
On August 22nd, Tien Phong’s reporters observed that despite the volatile and record-breaking gold prices, the gold market was rather subdued, with only a few customers spotted on gold streets such as Tran Nhan Tong, Ha Trung, and Cau Giay.
A gold shop was nearly empty on the day gold ring prices peaked in three months.
“Not just today, but for the whole month, gold shops have seen only a handful of customers buying and selling gold, regardless of whether prices go up or down,” shared an employee of a gold shop on Tran Nhan Tong Street.
Inside a gold shop on Tran Nhan Tong Street, the place was deserted with only a few customers making transactions.
Many people believe that the public has lost interest in gold, which explains the low trading volume. The gold shops are mostly seeing transactions for gold rings. Some people are buying more, anticipating further price increases, while others are selling to take profits after purchasing gold earlier this year.
Saigon Jewelry Company listed gold ring prices at 77.1-78.4 million VND per tael, an increase of 50,000 VND per tael for both buying and selling prices compared to the end of the trading session on August 21st. Bao Tin Minh Chau raised gold ring prices by 100,000 VND per tael, with buying and selling prices now ranging from 77.8 to 78.38 million VND per tael. Doji Group listed gold ring prices at 77.15-78.35 million VND per tael, an increase of 100,000 VND per tael for buying prices and 50,000 VND per tael for selling prices compared to the previous day.
A few scattered customers were seen inside a gold shop.
Gold ring prices are currently at their highest level since the beginning of the year.
A similar situation was observed on Ha Trung Street, with gold shops deserted despite the surge in gold ring prices.
Gold shops were empty, waiting for customers.
On Cau Giay Street, where many gold shops are located, the situation was no different, with shops seeing very few customers.
Staff had little to do but wait as there were no customers on the day gold ring prices peaked in three months.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
Weekend Ending Sees Significant Gold SJC Price Drop
After surging to nearly 79 million dong per tael on February 2nd, the price of SJC gold is now plummeting towards the 78 million dong per tael mark this weekend.
