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Monday, May 16, 2022

Vietnam gold price hits new record

The Saigon Times

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HCMC – Vietnam’s gold price soared to an all-time high of over VND71 million per tael on Monday, following the surge in the global price of the yellow metal.

In the Hanoi market, Saigon Jewelry Company (SJC) quoted its gold price at VND71.25 million per tael for buying and VND72.87 million per tael for selling this afternoon, up VND3.2-3.9 million per tael against the previous session.

Meanwhile, SJC gold was bought and sold in HCMC at VND71.25 million and VND72.85 million per tael, respectively. A tael equals 37.5 grams or 1.2 ounces.

The sharp rise in domestic gold prices resulted from the world’s gold price movements. The price of gold, one of the oldest and safest harbors for investors, in the global market rose over 1% to US$1,991 per ounce as of 11 a.m. this morning.

Some experts forecast global gold prices could exceed US$2,000 per ounce in the coming time as concerns over the Russia-Ukraine conflict pushed investors towards safe-haven assets.

Vietnam was the largest gold bullion and coin market in Southeast Asia and among the top 10 globally last year, according to the World Gold Council.

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