Gold prices hit new peak

By Dat Nguyen July 23, 2020 | 12:52 am PT

A person holds a gold ring at a jewelry shop in Binh Thanh District, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

Vietnam’s gold prices continued their ascent Thursday to reach a new peak as global rates rose, driven by the latest escalation in U.S.-China tensions.

State-owned Saigon Jewelry Company sold its popular SJC gold at VND54.2 million ($2,341) per tael of 37.5 grams (1.2 ounces), up 1.3 percent from Wednesday.

The country’s largest jewelry company, DOJI, sold at VND53.7 million ($2,319), up 1.6 percent.

Global rates went up by 0.3 percent to $1,873.97 on Thursday, the highest in nearly nine years, after the U.S. gave China 72 hours to close its consulate in Houston amid accusations of spying. China has vowed to retaliate.

The fear of missing out "is driving a flood of speculative money into gold, piling on top of January-June’s heavy physical demand," Bloomberg quoted Adrian Ash, director of research at BullionVault, as saying.