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Gold climbs to new peak in Vietnam

By Dat Nguyen   July 8, 2020 | 09:36 pm PT
Gold climbs to new peak in Vietnam
A person holds a piece of gold at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Gold prices continued to run up in Vietnam on Thursday, hitting a new high, on global uncertainty caused by Covid-19 and a weakening dollar.

State-owned Saigon Jewelry Company sold its popular SJC gold at VND50.62 million ($2,199) per tael on Thursday morning, up 0.6 percent from Wednesday. A tael is 37.5 grams or 1.2 ounces.

The country's largest jewelry company, DOJI, sold at 50.45 million ($2,192), up 0.2 percent.

A spokesperson for DOJI said though buying has been increasing, many retail investors are still waiting and watching.

Global gold prices held steady above $1,800 on Thursday after rising to the nine-year high of $1,817 on Wednesday as worries over mounting Covid-19 cases offset hopes of a swift global economic recovery.

Global coronavirus cases have clocked over 12 million, with more than half a million dead.

Meanwhile, the dollar nursed losses against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency. Against the euro (EUR), the dollar was quoted at $1.1339, close to a three-week low.

"Gold is looking very bullish both in the short- and long-term... It has enough catalysts to take it to record territory before the end of the year," Reuters quoted Edward Moya, senior market analyst at broker OANDA, as saying.

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