Gold ring price continues to increase, regaining historical high

Gold ring price continues to increase

Plain gold rings started to increase from the early morning session this morning after decreasing in the afternoon session on October 28. As of 9:00 a.m. on October 29, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at VND87.9-88.9 million/tael (buy - sell). Bao Tin Minh Chau listed the price of gold rings at VND87.88-88.88 million/tael (buy - sell).

At 11am the same day, DOJI listed the price of Hung Thinh Vuong 9999 round gold rings at 88-89 million VND/tael; an increase of 100,000 VND/tael for both buying and selling compared to the beginning of the morning trading session. This is also the highest price in history for gold rings.

At the same time, Bao Tin Minh Chau adjusted the price of gold rings to VND87.98-88.98 million; an increase of VND100,000/tael for both buying and selling compared to the beginning of the morning trading session.

It is worth mentioning that currently, the price of plain gold rings is higher than the price of SJC gold bars. While the price of gold bars at DOJI is listed at 87-89 million VND/tael, this unit lists the price of Hung Thinh Vuong 9999 round gold rings at up to 88-89 million VND/tael.

It can be seen that the purchase price of DOJI's plain gold rings is up to 1 million VND/tael higher than SJC gold bars. The same situation also occurs at Bao Tin Minh Chau and many other gold, silver and gemstone trading brands.

From the prices listed by businesses, it can be seen that the difference between buying and selling plain gold rings is much lower than that of gold bars. Currently, most gold brands list the difference between buying and selling gold rings at around 1 million, while the difference for SJC gold bars is up to 2 million.

This puts buyers of gold bars at a much greater risk of loss than those who buy gold rings. It is understandable that when buying SJC gold bars at DOJI today (October 29), investors need to wait for the gold price to increase by over VND2 million/tael to make a profit. Meanwhile, when buying gold rings here, the price only needs to increase by over VND1 million/tael for investors to start making a profit.

In recent sessions, the price of SJC gold bars has been unpredictable. Meanwhile, the price of plain gold rings has closely followed the world market. In today's trading session, the world gold market recovered strongly, causing the domestic plain gold ring price to increase. However, the price of SJC gold bars did not have any reaction.

In the context that many stores have stopped selling SJC gold bars, investors are looking to buy plain gold rings.