On Sunday, March 10, at Bao Tin Minh Chau, the price of 24K plain round gold rings was listed at 69.78-71.08 million dong for buying and selling. DOJI Group also listed the price of 9999 plain round gold rings at 69.7-71 million dong per tael this morning. Other gold companies also significantly increased the price of this type of gold, at the threshold of 69-70 million dong per tael.
Price of gold rings listed at Bao Tin Minh Chau.
During yesterday, March 9th, the price of plain round gold rings fluctuated strongly, increasing more than one million dong per tael during the day. Specifically, in the afternoon of March 9th, at Bao Tin Minh Chau, each tael of 24K plain round gold rings continued to set a new record when listed at 69.8 – 71.1 million dong, an increase of one million dong compared to the new peak in the early morning. At the morning of March 9th, the price of plain round gold rings at this company was listed at 68.78-69.98 million dong per tael, an increase of 400,000 dong per tael compared to the afternoon of March 8th.
Thus, in a short period of less than 2 days, the price of plain round gold rings increased an average of 1 million dong per tael. Compared to the beginning of the year, the price of plain round gold rings increased by about 5 million dong per tael, equivalent to more than 8%.
Compared to a milestone a year ago, the price of plain round gold rings increased nearly 20%. This is an impressive increase when the 12-month savings interest rate is currently at 5% per year.
According to the general perception of experts, the increase in the price of plain round gold rings is caused by 3 main factors: the increase in global gold prices, the increase in USD exchange rates, and many people still have a demand for buying and accumulating gold while the supply is scarce. Previously, some experts forecasted that the price of plain round gold rings could reach 70 million dong per tael in the near future.
According to Mr. Ngo Thanh Huan, CEO of FIDT Investment Consulting and Asset Management Joint Stock Company, the price of plain round gold rings will definitely continue to increase. He also believes that people tend to invest in plain round gold rings rather than SJC gold. Because plain round gold rings have a more sustainable growth rate and are a “commodity” that people can easily spend money on to accumulate.
Meanwhile, investing in SJC gold pieces brings a lot of risks in terms of policies and mechanisms. If anti-gold hoarding policies and dollarization policies are enacted, and the importation of gold is deployed, the position of SJC gold pieces will be reduced. The difference between plain round gold rings and gold pieces is quite large. Long-term accumulators tend to choose plain round gold rings.
With the current upward trend, Mr. Huan recommends: If you have gold, you should not sell it but should not buy more “at the peak”.
Analyzing the situation, Mr. Huynh Trung Khanh, Deputy Chairman of the Vietnam Gold Business Association, believes that the scarcity of gold supply causes the phenomenon of gold jewelry and plain round gold rings increasing in price. On the other hand, people worry about the risks of gold pieces if import orders for raw gold are issued. Meanwhile, plain round gold rings following the world price will be difficult to decrease. This is also the reason why people rush to buy plain round gold rings and also the reason why their prices have increased sharply in recent days.
With the current situation, the price of plain round gold rings is forecasted to continue to increase. Regarding the destination of the price of plain round gold rings, some experts forecasted that the price range could reach 75 million dong per tael.
