Opening this morning's trading session, the price of SJC gold bars remained stable at 87 - 89 million VND per tael (buy - sell), because the State Bank has not changed the intervention selling price.

Meanwhile, the price of plain rings continues to heat up. After a sharp increase of about 500 - 700 thousand VND/tael yesterday, this morning, the increase for plain round rings is about 200 - 300 thousand VND/tael.

Accordingly, the prices of plain round rings of some brands are as follows: Bao Tin Minh Chau's plain round ring of Thang Long Gold is 86.28 - 87.78 million VND/tael (buy - sell); Phu Quy 999.9 round ring is 87.20 - 88.20 million VND/tael; DOJI Hung Thinh Vuong ring is 87.20 - 88.20 million VND/tael; SJC 999.9 ring is 86.30 - 87.60 million VND/tael.

The increase in gold ring prices is mainly due to high demand, especially during the wedding season at the end of the year, when the demand for gold rings as wedding gifts increases sharply. Meanwhile, major gold brands are often out of stock.

Gold ring price continuously breaks the peak

In the international market, after strong increases at the end of last week and the beginning of this week, the precious metals market's growth slowed down a bit, but it continued to set new price records. Spot gold prices at one point reached a record high of nearly 2,750 USD, before falling back to 2,739 USD this morning, Vietnam time.

The precious metal market is currently benefiting from political and military instability in many regions of the world, as well as the unpredictable election in the US. Not only that, the demand for gold from central banks is expected to increase, especially when the BRICS (Brazil, Russia, India, China, South Africa) meeting is taking place with a focus on moving away from global trade dominated by the US dollar, known as "de-dollarization".

In addition, the moves in the European and Chinese markets are also expected to support continued growth in gold demand. Analysts said global gold demand will increase further as the Chinese market enters its peak buying season.

This year, Chinese demand for gold is expected to be even higher as surveys show that the Chinese savings rate is at a near-record high, while consumer confidence is at a near-record low, implying that people have cash to spend but no intention to spend it.

And if government stimulus measures boost consumer sentiment, their spending could increase – some of which is likely to be directed towards jewelry and luxury goods.