On October 28, gold trading brands simultaneously adjusted the prices of gold rings and gold bars.
By 5 p.m., the price of gold rings of types 1-5 purchased and sold only at Saigon Jewelry Company (SJC) increased to 58.7 - 59.8 million, an increase of nearly half a million VND per tael compared to yesterday. At Phu Nhuan Jewelry Company (PNJ), the price of gold rings has increased to 58.7 - 59.9 million VND per tael. The buying and selling difference also widened to 1.1-1.2 million VND per tael.
The continuous increase in recent months has caused gold rings to be 6 million VND per tael higher than the beginning of the year, equivalent to an increase of more than 11%.
While gold rings increased sharply by nearly half a million a tael, the price of gold bars increased less, about 250,000 VND different from yesterday. The price of gold bars is still far from the historical peak of 74 million VND even though gold rings continuously create new records. Currently, SJC lists each gold bar at 70.15 - 70.95 million VND while the price at PNJ is 70.1 - 71 million VND.
Domestic gold ring prices increased sharply according to world developments. Spot gold price closing session on October 27 increased by 21 USD to 2,005 USD per ounce. During the session, precious metal prices sometimes touched 2,009 USD - the highest since May.
In total for the week, world spot gold prices increased by 1.4%, recording the third consecutive weekly increase. Yesterday's trading volume spiked after the Israeli military spokesman announced that its air force and ground forces would increase their offensive in the Gaza Strip. Previously, the Israeli Air Force launched many intense air strikes targeting this area.
Converted according to Vietcombank's selling exchange rate, the world gold price is equivalent to nearly 59.8 million VND per tael (not including taxes and fees). Thus, the price of gold rings is currently kept at a distance of about 100,000 VND per tael compared to the world price. The difference between domestic and world gold bars narrowed to 11.2 million VND per tael because gold bars increased insignificantly compared to international gold prices.
On the foreign exchange market, the USD Index as well as the domestic exchange rate did not fluctuate significantly. The USD price in the banking market remained stable around the range of 24,360 - 24,730 VND.
Quynh Trang
