The Golden Enigma: Unraveling the Unusual Dynamics of Soaring Gold Ring Prices

As international gold prices soared past the 2,600 USD per ounce mark, domestic gold ring prices in Vietnam have also been on a relentless climb, surpassing significant milestones of 80 and now 81 million VND per tael.

As of this morning, September 24th, gold rings produced by SJC are being purchased at 80 million VND per tael and sold at 81.3 million VND per tael, reflecting an increase of 1.1 million VND from last week’s closing selling price of 79.2 million VND per tael.

At reputable gold companies such as Phú Quý, Bảo Tín Minh Châu, and Mi Hồng, the buying and selling prices of gold rings are about 100,000 to 200,000 VND higher than those offered by SJC. Notably, AJC Gold Company is buying gold rings at 80.5 million VND per tael and selling them at 81.6 million VND per tael.

Meanwhile, gold rings with 99.99% purity, manufactured by local gold shops, are being bought at 79.8 million VND per tael and sold at 81.2 million VND per tael.

With these price movements, those who have purchased gold recently are reaping significant profits. For instance, Ms. Lê Thị Diệp from Phu Nhuan District, Ho Chi Minh City, shared that she bought 10 gold rings (equivalent to 1 tael) from SJC two months ago at a price of 75-76 million VND per tael, and now she stands to gain a profit of nearly 5 million VND.

Similarly, Mr. Lê Thành Nhân, a frequent gold ring trader from District 12, Ho Chi Minh City, mentioned that he is poised to make a substantial profit if he decides to sell all the gold rings he has accumulated since the beginning of the year.

However, gold ring supplies are currently very limited as only a handful of people are selling. SJC store employees shared that the company sells all the gold rings it purchases immediately, but each customer is restricted to buying only one gold ring.

According to a reporter from the NLD, despite the surge in gold ring prices, buying them is not an easy task. Several businesses and gold shops have reported running out of gold rings for months. Ms. Bích Thanh, a resident of Binh Thanh District, shared that she wanted to purchase one tael of gold rings for savings but was informed of stock unavailability at multiple PNJ stores. She also expressed reservations about buying from a local gold shop.

“To purchase SJC gold bars online, one must provide comprehensive personal information, have sufficient balance in the account at the time of registration, and maintain an account with the same bank,” Ms. Thanh explained.

Mr. Trần Hữu Đang, General Director of AJC Gold and Silver Stone Joint Stock Company (Hanoi), revealed that in the past month, out of ten customers trading gold rings, only three were sellers. Consequently, the company sells all the gold rings it acquires immediately. As a result, during periods of high demand, the company has to promise to contact customers when gold rings become available.

In contrast, Mr. Lê Chánh, owner of a gold shop in Ho Chi Minh City, observed that in recent months, the public has shown a preference for gold rings over SJC gold bars. However, as Vietnam does not import raw gold, and authorities have intensified inspections of gold trading activities, illicit gold suppliers have become less active.

“This situation has left some businesses and gold shop owners without the raw material to manufacture gold rings, and the limited supply of gold rings in the market cannot meet the rising demand,” Mr. Chánh remarked.