Vietnam gold prices climb to record levels

By Dat Nguyen   July 7, 2020 | 09:31 pm PT
Vietnam gold prices climb to record levels
A person holds pieces of gold at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Gold prices in Vietnam continued to rise on Wednesday, reaching a new peak, amid global strength due to the surge in Covid-19 cases.

Vietnam’s largest jewelry company, DOJI, sold the national brand, SJC gold, at VND50.35 million ($2,171) per tael on Wednesday morning, up 0.5 percent from Tuesday. A tael is 37.5 grams or 1.2 ounces.

State-owned Saigon Jewelry Company sold the precious metal at VND50.33 million ($2,170), up 0.46 percent.

A spokesperson for the company said despite the rise there has not been a selling surge unlike what happened in past months.

Global prices steadied near an eight-year high at $1,793 per ounce on Wednesday as worries over the rapid increase in the number of Covid-19 cases lifted demand for the safe-haven metal.

Reuters quoted Stephen Innes, chief market strategist at financial services firm AxiCorp, as saying: "The main focus continues to be on the U.S. If the curve continues to steepen and the virus unabated, we are going to break $1,800 just for the fact that the Fed will have to be forced to add more stimulus."

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