Prices of 24K bars and rings respectively jumped 0.37% to VND81.25 million ($3,290) and 0.29% to VND68 million per tael as of midday on Thursday. HCMC District 3 was full of customers.
Hanh, from District 5, said he preferred to keep his money in gold rather than in a bank account.
He usually buys bullion, but has decided to switch to gold rings since the government floated the idea of abolishing the SJC’s monopoly on bullion.
Buying gold is a way for him to accumulate wealth in the long term and so the prices don’t bother him, he said.
A buyer in Tra Vinh province said she told her son to go to an SJC store to sell the 10 taels of gold bars she had saved for years and buy gold rings.
“They have the same purity, but gold rings are much cheaper than gold bars, that’s why I opted for this. For me, gold is still better than deposits for preserving wealth .”
An employee at the SJC store said there had been a rush to buy rings in recent days and the store was out of stock.
“This has never happened before.”
Other jewelry brands like DOJI and PNJ don’t typically keep large stocks of 24k gold rings, and so these quickly sold out as demand skyrocketed.
As of Thursday morning, there were only 10 two-tael gold rings left at an NPC store in District 5 and a customer came in and bought them all, an employee said.
“All [PNJ] the chain is low on supply and it is unclear when stocks will be replenished. So we are currently prioritizing sales to buyers who place their orders in advance. »
A DOJI store in the same area received 200 taels of gold rings in the morning and sold the entire lot by the afternoon, with one customer purchasing 135 taels.
Traditionally, 24k gold rings are purchased as gifts even though they have the same purity as bullion.
They have become popular since Prime Minister Pham Minh Chinh recently announced plans to narrow the gap between Vietnamese and international gold prices.
As of Friday morning, the price of SJC 24-karat gold rings increased to VND68.3 million per tael, while the price of bars fell to VND81.5 million.
