The price of SJC gold rings is currently around 75.4 million VND per tael, just over 1 million VND more than the price of domestic gold bars. The price of plain round gold rings at SJC decreased by 400,000 VND this morning due to the decline in the world market. After two sessions, the 24K round ring at SJC returned to the price range from the beginning of the week.
The price of SJC gold bars has remained steady at around 77 million VND for two weeks, narrowing the price gap between rings and bars to just over 1 million VND. Other gold houses are selling gold rings for around 76 million VND per tael, with some places offering gold bars for less than 1 million VND.
The USD strengthened and US government bond yields increased, causing gold prices to drop to 40 USD an ounce. This has led to a decrease in the price of gold rings and bars in the market. Since the beginning of June, the State Bank has increased the supply of gold bars to the market, setting a fixed margin compared to the prices they buy from the State Bank. The selling price of gold bars from the State Bank has remained unchanged at 75.98 million VND.
Despite the stable price of gold bars, there is still high demand for them. To reduce long queues in front of transaction offices, state-owned banks and SJC have switched to online distribution for gold buyers. Some individuals who wish to buy gold bars in bulk have had their purchases limited to one amount per person. It is important to adhere to legal guidelines when buying and selling gold to avoid penalties as buying and selling at unlicensed businesses is against regulations and will be fined according to Decree 88/2019.
In summary, while other factors such as currency exchange rates and government bond yields affect both rings and bars prices, it seems that domestic
