On the afternoon of October 15th, the price of 9999 gold rings rose to over 152 million VND per tael.
Following a sharp increase in the morning, on the afternoon of October 15th, the price of gold bars and gold rings in Vietnam continued to rise to 152.3 million VND/ounce, an increase of 5.7 million VND in the past 24 hours.
This afternoon, October 15th, the domestic gold market continued to witness a sharp price increase for both gold bars and gold rings.
Saigon Jewelry Company (SJC) listed the price of gold bars at 146 - 148 million VND/ounce for buying and selling, an increase of 1.9 million VND/ounce compared to yesterday.
Not only gold bars, but the prices of gold rings and 99.99% gold jewelry are also rising faster. At SJC, the price of gold rings reached 144.2 - 146.4 million VND/ounce for buying and selling, an increase of 1.9 million VND/ounce compared to yesterday, the same increase as the price of gold bars.
At PNJ Company, PNJ branded gold rings also surged to 144.8 - 147.8 million VND/ounce for buying and selling, an increase of 2.3 million VND/ounce in both directions, higher than the price of SJC gold bars.
In particular, at Bao Tin Minh Chau, the price of plain gold rings surged to 149.3 - 152.3 million VND/ounce for buying and selling, an increase of 5.7 million VND/ounce compared to yesterday.
The price of gold rings in blister packaging at Bao Tin Manh Hai this morning was listed at 145 - 147.8 million VND/ounce, an increase of 2.3 million VND/ounce in the buying price and an increase of 1.8 million VND/ounce in the selling price compared to yesterday.
World gold prices continued to set new records, surpassing the $4,200/ounce mark, marking the third consecutive day of gains. This upward trend stems from expectations that the US Federal Reserve (FED) will soon further cut interest rates and escalating US-China trade tensions, leading investors to seek gold as a safe haven.
According to Matt Simpson, an expert from the brokerage firm StoneX, the partial US government shutdown and dovish statements from Federal Reserve Chairman Jerome Powell have reinforced the belief that interest rates will soon be lowered, thereby strongly supporting gold prices.
When interest rates are low, the returns from holding cash decrease, making gold a more attractive option for preserving value.
The continued trade tensions between the US and China are also contributing to the rise in gold prices. President Donald Trump has proposed cutting some trade ties with Beijing, including halting oil imports, in retaliation for China stopping its purchases of US soybeans. These moves have fueled investor concerns about increased global risks, further driving up demand for gold.
According to ING Bank, gold and silver are the two best-performing commodities this year thanks to loose monetary policy, demand for gold from central banks, and geopolitical tensions.
Meanwhile, BlackRock forecasts that gold prices could continue to rise despite already being at record highs. Evy Hambro, BlackRock's global chief investment officer, believes that not only physical gold but also the shares of gold mining companies will benefit significantly. He suggests this trend could continue if the US dollar weakens and economic risks remain high.
