Vietnam gold prices climb to new record

By Dat Nguyen February 22, 2022 | 04:21 am PT

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

Vietnam gold prices rose to a new high Tuesday on the back of global rates soaring because of rising international tensions over the Ukraine situation.

The Saigon Jewelry Company (SJC) was selling its gold at VND63.85 million ($2,798) per tael at 3 p.m., up 1.03 percent from Monday. A tael equals 37.5 grams or 1.2 ounces. It then fell to VND63.6 million at the time of publishing.

DOJI sold its gold at VND63.65 million, up 0.71 percent.

In the global market, gold rose 0.2 percent to a near nine-month high of $1,909.33 per ounce, as tensions intensified in Eastern Europe intensified after Russia ordered troops into breakaway regions of eastern Ukraine, supporting demand for safe-haven bullion.

"With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment," said Jeffrey Halley, a senior market analyst at OANDA.