On the morning of October 15, the price of 9999 gold rings exceeded 150 million VND/tael.

On the morning of October 15, the domestic gold market continued to witness a strong increase in both gold bars and gold rings.

Saigon Jewelry Company (SJC) listed the price of gold bars at 145.6 - 147.6 million VND/tael for buying and selling, an increase of 1.5 million VND/tael compared to yesterday.

Not only gold bars, the price of gold rings and 99.99% jewelry gold also increased faster. At SJC, the price of gold rings reached 143.7 - 146 million VND/tael in both buying and selling directions, an increase of 1.4 million VND/tael compared to yesterday, a double increase compared to gold bars.

At PNJ Company, PNJ brand gold rings also skyrocketed to 145.6 - 147.6 million VND/tael in both buying and selling directions, almost equivalent to the price of SJC gold bars.

Notably, at Bao Tin Minh Chau, the price of plain round gold rings skyrocketed to 147.1 - 150.1 million VND/tael in both buying and selling directions, an increase of 3.5 million VND/tael in both buying and selling directions compared to yesterday.

The sharp increase in domestic gold prices was mainly influenced by the increase in world gold prices. At 11 a.m. (Vietnam time), the international gold price reached 4,178 USD/ounce, an increase of about 15 USD/ounce compared to the beginning of the day.

In the world market, gold is benefiting from two major factors: escalating trade tensions between the US and China, and expectations that the US Federal Reserve (FED) will continue to lower interest rates to support the economy.

Over the past week, international gold prices have continuously set new peaks. After surpassing the 4,000 USD/ounce threshold for the first time, gold continued to increase strongly and officially surpassed the 4,100 USD/ounce mark on October 13.

The main driver for this increase comes from US President Donald Trump announcing a series of tough trade measures with China, including imposing an additional 100% tax on imported goods from Beijing and tightening controls on exports of strategic US software, expected to take effect as early as November.

However, analysts also warn that gold prices may face a short-term correction due to profit-taking pressure, after a series of hot increases in recent days. However, in the medium term, the upward trend is still maintained when geopolitical instability factors and loose monetary policy still exist.

Currently, if converted according to the listed domestic exchange rate, the world gold price is equivalent to about 133 million VND/tael, about 14 million VND lower than the domestic SJC gold price.