Gold ring price in Vietnam surpasses gold bar’s for 1st time

HANOI, Oct. 30 (Xinhua) — The price of gold ring in Vietnam reached a new record high of 89.3 million Vietnamese dong (3,525 U.S. dollars) per tael on Wednesday morning, surpassing the gold bar price for the first time, local media reported.
DOJI gold and jewelry corporation listed each tael of its gold ring at about 88.3 million dong (3,485 dollars) for sellers and 89.3 million dong for buyers.
Meanwhile, the gold bar was sold at 87 million dong (3,434 dollars) per tael for sellers and 89 million dong (3,513 dollars) per tael for buyers.
A tael equals 37.5 grams or 1.2 ounces.
The move came given the fact that the State Bank of Vietnam sells gold bars at a fixed price to four State-owned banks and Saigon Jewelry Company for distribution to the public.
The gold ring price in Vietnam, in contrast, fluctuates following the global prices.
Vietnam’s gold bar price reached a record high of over 92 million dong (3,631 dollars) per tael in early May this year. ■