Gold prices ascend new peak

By Dat Nguyen   July 26, 2020 | 11:06 pm PT
Gold prices ascend new peak
A person holds a piece of gold at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s gold prices peaked anew Monday as global rates soar to an all-time high amid the worsening coronavirus pandemic.

State-owned Saigon Jewelry Company sold its popular SJC gold at VND56.7 million ($2,472) per tael of 37.5 grams (1.2 ounces) Monday morning, up 3 percent from Saturday.

The country’s largest jewelry company, DOJI, sold at VND56.55 million ($2,466), up 2.8 percent.

A DOJI spokesperson said prices are changing every hour with a rising number of transactions in the last several days as customers queue up in-store.

Global rates went up 1.5 percent to $1,928.83, exceeding the previous peak of $1,920 in September 2011.

The Covid-19 outbreak continued to worsen with more than 16.13 million cases globally and 644,836 deaths, driving expectations of more stimulus to ease the economic blow.

"As long as the (virus situation) gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities, and all of that is bullish for gold," Reuters quoted Edward Meir, analyst at ED&F Man Capital Markets, as saying.

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