Gold ring prices hit an all-time high on September 20th afternoon, surpassing the 80 million VND per tael mark.
Specifically, at SJC, this type of gold is currently listed at 78.7-80.1 million VND per tael. Other prominent brands such as DOJI, PNJ, and Bao Tin Minh Chau have also raised their buying prices to around 79.3 million VND per tael, with selling prices reaching approximately 80.4 million VND per tael.
Compared to yesterday, the price of plain gold rings has increased by about 1 million VND per tael, the most significant rise in many months. This surge coincides with the global gold price surpassing the crucial 2,600 USD per ounce threshold. The precious metal is currently trading at 2,605 USD per ounce on the international market, equivalent to about 78.5 million VND per tael when converted at the current VND/USD exchange rate.
Plain gold rings are a traditional investment channel, especially favored by older individuals. However, in recent times, this investment avenue has also attracted younger investors aiming to diversify their portfolios beyond savings accounts and stock investments.
Compared to SJC gold bars, plain gold rings have demonstrated more impressive growth over the past year. On September 20, 2023, plain gold rings were priced at 57.1-58.1 million VND per tael. Therefore, if you had purchased plain gold rings a year ago and sold them now, you would have made a profit of approximately 21 million VND per tael, equivalent to a 36% return. An investment of 1 billion VND (equivalent to 17 taels) would have yielded a profit of over 360 million VND at present.
In contrast, SJC gold bars were priced at 68.6-69.3 million VND per tael a year ago. With the same investment of 1 billion VND in gold bars at that time, the profit would amount to approximately 150 million VND if sold now.
How does this compare to bank savings? In September 2023, the interest rate for a 1-year term deposit at banks was typically 6-7% p.a. If you had deposited your money in a savings account at that time, you would have earned an interest of about 60-70 million VND by now, which is only one-sixth of the profit from investing in plain gold rings.
Of course, the level of capital safety between investing in gold and saving in a bank is incomparable. Bank deposits are always considered a completely safe option. The year 2024 has also been an exceptionally strong year for plain gold ring investments.
Another reason why plain gold rings have attracted younger investors recently is that other investment avenues, such as stocks and bonds, have become less favorable. In contrast, gold prices rarely experience sharp declines, and gold can be accumulated with relatively small amounts of money.
Investors are also keenly following global gold news as domestic gold prices often adjust accordingly. There are diverse opinions among experts regarding global gold price predictions. Some argue that gold has risen sharply, and profit-taking by investors is inevitable. Nonetheless, the yellow metal remains appealing to financial traders due to factors such as its safe-haven status in times of geopolitical instability and loose monetary policies. The gold-hoarding actions of major central banks, notably China, have also propelled gold prices to record highs.
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The gold ring price on the morning of the 9th of September took a dip, falling by approximately 50-150 thousand VND per tael.
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