Gold prices soar to new peak

By Quynh Trang February 23, 2022 | 09:32 pm PT

A person holds a gold ring at a jewelry shop in Binh Thanh District, Ho Chi Minh City, Aug.7, 2020. Photo by VnExpress/Quynh Tran

Vietnamese gold prices hit a new all-time high of VND64.8 million (US$2,838.4) per tael Thursday as global rates skyrocketed amid tensions over the Ukraine situation.

Saigon Jewelry Company sold gold at VND64.8 million per tael [of 37.5 grams or 1.2 ounces], up 1.4 percent from Wednesday afternoon.

DOJI sold at VND64.7 million, also up 1.4 percent. The previous high in Vietnam was VND62.4 million in August 2020.

In the global market, the metal rose by 1.7 percent to a nine-month high of $1,930.65 per ounce as geopolitical tensions supported demand for safe-haven bullion.

Vietnamese prices are VND11.35 million, or 21.5 percent, higher than global rates.

Gold continued to be the top asset class for 72 percent of Vietnamese investors, the WGC said citing a study of 2,000 investors last year.