Gold ring price drops, buying gold rings still makes a big profit

Gold Ring's Steady Uptrend Is Broken

After many weeks of high growth, the breakout streak of plain round gold rings was broken this weekend. At the beginning of the trading session of the week (October 28), the price of plain round gold rings was listed around 87.9-88.9 million VND/tael (buy - sell). Up to this point, gold rings have reached a historical high.

After a quiet trading session, early Wednesday morning, October 30, the price of plain round gold rings was adjusted up to a new record, at 88-89 million VND/tael (buy - sell).

However, by Thursday, October 31, the upward trend in gold ring prices had stopped. At the beginning of the session on October 31, the price of plain gold rings was listed around VND88.6-89.6 million/tael (buy - sell).

At the beginning of the trading session on November 1, plain gold rings in the domestic market continued to be adjusted down by 350,000 VND, down to 88.25-89.25 million VND/tael (buy - sell).

Early this morning (November 2), gold rings continued to decrease to 88.1-89.1 million VND/tael (buy - sell).

Buying gold rings still makes a big profit after one month

Although there have been some declines, this decrease is not significant compared to the explosive growth of plain gold rings in recent months. In the past month alone, the price of gold rings has increased by 6.2 million VND/tael.

Subtracting the difference between buying and selling prices listed by trading units, gold buyers still make a profit of more than 5 million VND/tael after one month of paying.

Early morning of October 2, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 81.9-82.9 million VND/tael (buy - sell); Bao Tin Minh Chau listed the price of round gold rings at 81.88-82.88 million VND/tael (buy - sell).

As of early morning today, November 2, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 88.1-89.1 million VND/tael (buy - sell); Bao Tin Minh Chau listed the price of gold rings at 88.18-89.18 million VND/tael (buy - sell).

Thus, after one month of investment, gold buyers at DOJI and Bao Tin Minh Chau earned profits of VND5.2 million/tael and VND5.3 million/tael, respectively.

This interest rate is very high compared to savings. For example, on October 2, with the amount of money to buy a gold ring of 82.9 million VND, when saving at Vietcombank for a 1-month term and receiving an interest rate of 1.6%/year, the amount received is only about 110,500 VND.