This represents the first time in history that the price of gold rings has exceeded the price of SJC gold bars.
Accordingly, at 10 a.m., Doji Group listed the price of 9999 gold rings at VND88.3 million per tael for buying and VND89.3 million per tael for selling. This figure marks an increase of VND300,000 compared to the price of gold bars.
Meanwhile, the Saigon Jewelry Company (SJC) traded gold rings at VND87 million per tael for buying and VND88.8 million per tael for selling, VND200,000 lower than gold bars.
Bao Tin Minh Chau reported a buying price of gold rings at VND87.98 million per tael and a selling price at VND88.98 million, only VND20,000 lower than that of SJC gold bars.
This latest rise is largely fueled by increases occurring in global gold prices. The price of gold on the global market is being traded at US$2,778 per ounce, up 34% since the beginning of this year.
Experts suggest that persistently low global interest rates continue to support gold prices. Mos notably, the upcoming US presidential election with its intense ongoing developments is also contributing to increased investment in gold.
