Gold prices hit new record

By Dat Nguyen   July 21, 2020 | 12:15 am PT
Gold prices hit new record
A person holds gold pieces in a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s gold prices reached a record high Tuesday afternoon as global rates enjoy a nine-year high.

State-owned Saigon Jewelry Company sold its popular SJC gold at VND51.35 million ($2,213) per tael, up 0.98 percent from Monday. A tael equals 37.5 grams or 1.2 ounces.

The country’s largest jewelry company, DOJI, sold at VND51.2 million ($2,206), up 0.99 percent.

Vietnam's gold prices earlier this month climbed to a new peak of over VND50 million ($2,155) and since then has made several new records as they track recent rises in global prices triggered by the coronavirus pandemic.

Global gold prices went up 0.2 percent to $1,818.23 per ounce after hitting its highest rate since September 2011 on Monday.

European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies after a fractious summit that went through the night and into its fifth day. Meanwhile in the U.S., congressional Republicans announced plans to seek another $1 trillion in economic relief.

"What's really driving the gold market is stimulus and we are going to get more of it. It's the eye candy that's pushing sentiment right now," Reuters quoted Stephen Innes, chief market strategist at financial services firm AxiCorp, as saying.

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