Price of 9999 gold rings approaches VND90 million per tael, new record high

At around 9:30 a.m. on October 31, Phu Quy Group listed 9999 gold rings at VND88.6 million (US$3,497) per tael for buying and VND89.8 million (US$3,554) per tael for selling, up VND200,000 (US$7.9) in both compared to previous trading session on October 30.

Saigon Gold and Jewelry Company (SJC) rated 9999 gold rings at VND87.7 million (US$3,465) per tael for buying and VND89.2 million (US$3,530) per tael for selling, up VND200,000 (US$7.9) for both.

Bao Tin Minh Chau Company and Phu Nhuan Jewelry Company (PNJ) kept the price unchanged at 9999 gold rings from yesterday. Thus, the price of 9999 gold rings has just set a new record high at VND89.8 million (US$3,554) per tael.

Meanwhile, the prices of SJC-branded bullion at Saigon Gold and Jewelry Company, Phu Nhuan Jewelry Company and Doji Group remained unchanged over the previous trading session on October 30 at VND88 million (US$3,481) per tael for buying and VND90 million (US$3,561) per tael for selling.

Besides, the selling price of SJC-branded gold at four state banks comprising the Bank for Investment and Development of Vietnam (BIDV), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) also remained at VND90 million (US$3,561) per tael.

In the global gold market, the spot gold price from New York last night rated US$2,787.1 per ounce, up US$12.5 compared to the previous trading session.

Recently, on October 31 morning (Vietnamese time), the spot gold price from Kitco was traded at US$2,785.1 per ounce.

Although slightly down compared to the closing session in New York, this is also the newly-established peak of the global gold price.

After conversion, this price is equivalent to approximately VND85.4 million (US$3,371) per tael, about VND4.6 million (US$182) per tael lower than the domestic SJC gold price and about VND4.4 million (US$174) per tael lower than the price of 9999 gold rings.

At the current time, the global gold price has increased by 35 percent since the beginning of the year.

Experts predicted that gold prices would continue to grow further under impacts of factors such as the upcoming United States presidential election on November 5, the key interest rate cut by the U.S. Federal Reserve (FED) and the Russia-Ukraine conflict and so on.

Daniel Pavilonis, senior market strategist at RJO Futures believed that gold prices could soon reach US$2,850 per ounce amid the above-mentioned concerns.