Gold prices bounce back after drop

By Dat Nguyen March 8, 2022 | 07:45 pm PT

A person holds a tael of gold at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Gold prices bounced back Wednesday morning after closing Tuesday with a decline as global rates fluctuate around the previous historic peak as the Russia-Ukraine crisis continues.

The state-owned Saigon Jewelry Company (SJC) sold its gold at VND72.82 million per tael ($3,187.92), up 1.11 percent from Tuesday afternoon. A tael equals 37.5 grams or 1.2 ounces.

DOJI jewelry chain sold its gold at VND72.5 million per tael, up 0.97 percent.

Gold prices in Vietnam climbed to a new peak of VND74.4 million Tuesday morning as global rates approached a historic peak, before dropping to VND72.02 million in the afternoon.

Globally spot gold fell 0.6 percent to $2,040.07 per ounce Wednesday morning. The previous record was in August 2020 at $2,072.49.

Vietnam was Southeast Asia’s largest gold bullion and coin market last year and among the top 10 globally.

The demand in the country exceeded 31.1 metric tons compared to 28.7 tons in Thailand and 19.8 tons in Indonesia, according to the World Gold Council.

Gold continued to be the top asset class for 72 percent of Vietnamese investors, the WGC said citing a study of 2,000 investors last year.