The Golden Opportunity: “New Peak Prices for Gold Rings Reach 83.5 Million VND/tael, Leaving Many Regretful for Selling Too Soon”

Gold prices surged on September 25, with 24K gold jewelry and ornaments traded by SJC listed at VND 80.8 million/tael for buying and VND 82.3 million/tael for selling, marking an increase of VND 1.2 million/tael from the previous day and a total surge of nearly VND 3 million/tael in just two days.

Other businesses dealing in plain gold rings offered higher prices. PNJ quoted their gold rings at VND 81.9 million/tael for buying and VND 82.95 million/tael for selling.

Bao Tin Minh Chau, on the other hand, sold plain gold rings at up to VND 83.5 million/tael, while buying at only VND 81.5 million/tael. These rates were the highest in the market for gold rings.

Due to significant fluctuations, gold ring prices began to vary among businesses, with the buy-sell spread widening to VND 1-2 million/tael.

In the international market, the precious metal was trading at $2,656 per ounce as of 3:00 PM Vietnam time, slightly lower than the morning session. During the session, gold prices touched $2,670 per ounce before reversing downward.

In a surprising turn of events, with consecutive increases over the past few days, gold ring prices at some companies were on par with SJC gold bullion prices. This was unexpected, as gold rings, despite being 24K, were usually priced significantly lower than gold bullion by tens of millions of VND per tael.

The dramatic rise in gold ring prices left many people regretting the missed opportunity to ride the wave of this increase. Ms. Cam Tien, a resident of Binh Thanh District in Ho Chi Minh City, shared that she had intended to purchase gold rings for savings when the prices were around VND 77-78 million/tael at the beginning of September. However, at that time, she encountered frequent stockouts at the showrooms of several gold companies.

“I didn’t feel confident buying from local gold shops due to concerns about gold purity. I also considered buying SJC gold bullion, but online registration through banks and SJC was challenging, often with fully booked slots… Now, just a couple of weeks later, gold ring prices have surged by VND 4-5 million, crossing the VND 83 million mark, and I can’t help but feel amazed,” Ms. Tien said regretfully.

Some individuals revealed that they had sold their gold rings when the prices were in the range of VND 60-70 million/tael in the middle of the year, believing that gold prices were unlikely to witness substantial increases. With the current developments, many people expressed that they felt hesitant to buy gold despite the continuous price hikes due to the extremely high rates.

“Gold rings priced above VND 80 million/tael are incredibly high, and purchasing at this point comes with the risk of price reversals. I hold a small amount of gold in my investment portfolio, but I’m not looking to add more at these levels. The surge in gold prices to over $2,600 per ounce has also caught analysts’ predictions off guard this year,” shared Mr. Khanh Minh, a gold investor.

Mr. Shaokai Fan, Regional Director for Asia Pacific (excluding China) and Central Bank Relations, World Gold Council, commented that as investors navigate an uncertain economic landscape, gold is increasingly viewed as an immediate risk mitigation tool, benefiting from the potential for lower interest rates. Regardless of the outcome of the upcoming US presidential election, the favorable conditions for gold are predicted to persist.

Currently, the world gold price, when converted according to the listed exchange rate, is approximately VND 79.2 million/tael, which is lower than the domestic gold ring and SJC gold bullion prices by about VND 4.3 million/tael.