Gold price sets new record

By Minh Hieu   April 14, 2024 | 08:52 pm PT
Gold price sets new record
A person holds a gold bar at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bad price shot up 2.9% to VND85.5 million ($3,405.7) per tael Monday morning, surpassing the previous historic peak of VND85 million seen last Friday.

Gold ring price also rose 0.45% to VND76.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices rose on Monday as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge, Reuters reported.

The escalating tensions also sparked a flight to safety that sent gold rising 0.51% to $2,356.39 an ounce and the safe-haven dollar broadly higher, extending its 1.6% rise from last week.

"The key risks for the global economy are whether this now escalates into a broader regional conflict, and what the response is in energy markets," said Neil Shearing, group chief economist at Capital Economics.

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