Gold prices hit 7-year high

By Dat Nguyen February 21, 2020 | 04:15 am PT

Gold prices in Vietnam hit 7-year high on February 21, 2020. Photo by Shutterstock/ktsdesign.

Vietnam’s gold prices hit a seven-year high Friday as the coronavirus outbreak pushed investors to seek safer assets.

The country’s second largest jewelry company, DOJI, was selling gold at VND45.59 million ($1,964) per tael (1.2 ounces), up 1.3 percent from Thursday, the highest since January 2013.

Phu Nhuan Jewelry, meanwhile, sold its gold at VND45.75 million ($1,971), up 1.7 percent.

The domestic price surge followed a global rise in gold prices of 0.9 percent to $1,635 per ounce Friday, the highest in seven years.

Gold has become a more attractive investment option as the ongoing novel coronavirus outbreak will have negative impacts on the global economy.

The gold price rise has happened alongside a fall in stocks. On Friday, Vietnam’s benchmark VN-Index fell 3.5 percent from the beginning of the year to 933.09 points.