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By RAW I suppose 2000gp so long as it consumes a body slot but a comparison to price of bracers makes me think that is too cheap for continuous +2 ac.
The price of an item that provides a +2 deflection bonus to AC is 8000gp. See ring of protection.
- Torger
Yeah, base it off of the Ring of Protection, and if you want it slotless apply the appropriate multiplier.
Torger is correct. When a spell provides a numerical bonus, you have to run the price check twice, once for the spell and once for the bonus. The higher price applies.