Domestic gold ring price hits record high

The selling price of gold ring in the domestic market skyrocketed to a new historic peak at VND85.6 million ($3,368) per tael on October 18 afternoon as global bullion values surpassed the $2,700-per-ounce level for the first time ever.

The price increased by VND650,000 ($25.6) per tael compared to the previous day and VND1.75 million ($68.9) per tael compared to the early week (October 14).

Meanwhile, the selling price of SJC-branded gold bars offered by the four State-owned commercial banks and the Saigon Jewelry and Germ Stone Co. (SJC) kept unchanged at VND86 million ($3,388) per tael for the three consecutive days in spite of the strong increase of the global price.

At this level, gold prices in Vietnam are around VND3 million ($118) a tael higher than global price.