Gold prices hit new peak

By Quynh Trang January 25, 2022 | 04:01 am PT

A person holds gold bars in a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam’s gold price hit a new historic peak of VND62.7 million ($2,769.32) per tael Tuesday, surpassing the previous record in August 2020, even as global rates went flat.

Saigon Jewelry Company (SJC) sold its gold at VND62.7 million per tael Tuesday, up 1.2 percent to a new record. A tael equals 37.5 grams or 1.2 ounces.

Jewelry company DOJI sold its gold at around VND62.6 million and Phu Nhuan Jewelry, for VND62.3 million.

Global rates were little changed at $1,840.49 per ounce Tuesday afternoon as concerns about a faster pace of policy tightening by the U.S. central bank countered safe-haven demand, fueled by escalating tension over Ukraine, Reuters reported.

Vietnam’s gold is now VND12 million, or 23.7 percent, higher than global rates.