The price of gold rings is witnessing a meteoric rise, surpassing the price of SJC gold bars for the first time in history and setting a new peak at VND96 million/tael. The main driving force for this breakthrough comes from strong investment demand, tight supply and the impact of global gold price movements.

If previously it was overshadowed by gold bars, now gold rings have risen to assert their position, reaching over 96 million VND/tael. With the current growth momentum, conquering the threshold of 100 million VND/tael is probably just a matter of time.

Gold reaching the 100 million VND mark may only be a matter of time. Photo PC

At the time of survey at 12:00 on March 14, the price of SJC gold bars was listed by Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Company (PNJ) at the buying price of 94.3 million VND/tael and the selling price of 95.8 million VND/tael.

SJC Company listed 9999 gold ring at a buying price of 94.2 million VND/tael and a selling price of 95.8 million VND/tael.

Most notably, the price of 9999 plain round rings listed by Bao Tin Minh Chau is at the highest level: 94.9 million VND for buying and 96.4 million VND for selling.

The domestic gold market is following the general trend of the international market. Factors such as global economic instability, tensions in Ukraine and US tariff policies have triggered a wave of seeking gold as a safe haven. In addition, the continuous increase in gold reserves by central banks has pushed the price of this precious metal up.

Goldman Sachs has made an optimistic forecast, saying that the world gold price could reach $3,100/ounce by the end of 2025, and could even climb to $3,300 if economic instability continues. If this scenario becomes a reality, the possibility of gold rings conquering the threshold of 100 million VND/tael is entirely possible.

However, experts also note that domestic gold prices are greatly affected by the domestic supply-demand balance. Therefore, if demand decreases or world gold prices cool down, the price of gold rings can completely adjust down.

In the international market, the price of gold on the morning of March 14 was trading around 2,989 USD/ounce, an increase of nearly 50 USD compared to the previous session. Expert Alex Ebkarian, CEO of Allegiance Gold, commented that gold is in a long-term uptrend and could trade in the range of 3,000 - 3,200 USD/ounce this year.

Currently, the world gold price converted according to the listed exchange rate is about 92.6 million VND/tael. Although it has increased sharply, the world gold price is still lower than the domestic gold price by more than 3 million VND/tael.