On the afternoon of October 15, the price of 9999 gold rings rose to over 152 million VND/tael.
After a strong increase in the morning, on the afternoon of October 15, the price of domestic gold bars and gold rings continued to increase to 152.3 million VND/tael, an increase of 5.7 million in the past 24 hours.
This afternoon, October 15, the domestic gold market continued to witness a strong increase in prices of both gold bars and gold rings.
Saigon Jewelry Company (SJC) listed the price of gold bars at 146 - 148 million VND/tael for buying and selling, an increase of 1.9 million VND/tael compared to yesterday.
Not only gold bars, but also the price of gold rings and 99.99% jewelry gold has increased faster. At SJC, the price of gold rings has reached 144.2 - 146.4 million VND/tael in both buying and selling directions, an increase of 1.9 million VND/tael compared to yesterday, an increase equal to the price of gold bars.
At PNJ Company, PNJ brand gold rings also skyrocketed to 144.8 - 147.8 million VND/tael in both buying and selling directions, an increase of 2.3 million VND/tael in both buying and selling directions, higher than the price of SJC gold bars.
Notably, at Bao Tin Minh Chau, the price of plain round gold rings skyrocketed to 149.3 - 152.3 million VND/tael in both buying and selling directions, an increase of 5.7 million VND/tael in both buying and selling directions compared to yesterday.
The price of Kim Gia Bao gold rings at Bao Tin Manh Hai this morning was listed at 145 - 147.8 million VND/tael, an increase of 2.3 million VND/tael in buying and an increase of 1.8 million VND/tael in selling compared to yesterday.
The world gold price continued to set a new record, surpassing the threshold of 4,200 USD/ounce, marking the third consecutive increase. This increase comes from the expectation that the US Federal Reserve (FED) will soon further reduce interest rates and the increasing US-China trade tensions, causing investors to seek gold as a safe haven.
The partial US government shutdown and soft comments from FED Chairman Jerome Powell have reinforced the belief that interest rates will soon fall, providing strong support for gold prices, said Matt Simpson, an expert at brokerage StoneX.
When interest rates are low, the return on holding cash falls, making gold a more attractive option for preserving value.
The continued trade tensions between the US and China have also contributed to the rise in gold prices. President Donald Trump has proposed cutting some trade relations with Beijing, including stopping imports of cooking oil, in response to China stopping purchases of US soybeans. These moves have made investors worried about increasing global risks, further increasing demand for gold.
Gold and silver are the two best-performing commodities this year thanks to loose monetary policy, central bank demand and geopolitical tensions, according to ING bank.
Meanwhile, BlackRock predicts that gold prices could continue to rise despite their record highs. Evy Hambro, BlackRock’s global chief investment officer, said that not only physical gold but also gold mining stocks would benefit strongly. According to him, this trend could continue if the US dollar weakens and economic risks do not cool down.
