The gold bar buy-sell spread has been maintained at VND 2 million per tael by businesses.
The price of 24K gold rings and jewelry has surprised the market by continuously reaching new highs. SJC Company listed the buying price of gold rings at VND 81.5 million per tael and the selling price at VND 83 million per tael.
Phu Nhuan Jewelry Company (PNJ) sold gold rings at VND 83.3 million per tael, but the buying price increased to VND 82.5 million per tael. Similarly, Bao Tin Minh Chau Company traded smooth gold rings at 82.54 million VND per tael, selling at 83.44 million VND per tael. Some jewelry shops bought 24K gold rings at up to VND 83 million per tael.
Gold expert Tran Duy Phuong said that the high price of gold rings, which has continuously peaked, has boosted gold buying demand from the market. Some predictions that the world gold price will soon reach the threshold of 2,800 – 3,000 USD/ounce have also reactivated gold buying, especially gold rings. However, the scarce supply has pushed gold ring prices higher, attracting buyers’ attention at this time, especially when the gold ring price fluctuates close to the world price, while SJC gold bars are listed and daily determined by the State Bank of Vietnam.
While SJC gold bar prices have remained stagnant for the past week, gold ring prices have continuously set new records. Photo: LAM GIANG
“Despite the increased demand, major gold companies have almost run out of gold ring supplies for several months. It is difficult for people to buy, and the purchase quantity is limited each time. Small jewelry shops have also pushed up gold ring prices,” said Phuong.
For many years, the State Bank of Vietnam has not granted licenses to enterprises to import gold materials through official channels, and the public security agencies have cracked down on many gold smuggling rings, so the supply of gold materials in the market is currently very scarce. Regarding SJC gold bars, some experts predict that the price may continue to rise but will depend on the state management policies.
Huynh Trung Khanh, Senior Advisor to the World Gold Council in Vietnam, said that recent reports from many international financial institutions have forecast gold price increases, so domestic gold prices cannot “stay out of the game.” However, due to the lack of connectivity between domestic and international gold prices and the inability of enterprises to import gold materials to produce SJC gold bars and rings, the degree of price volatility is challenging to predict.
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