Gold climbs to four-month high

Gold prices hit a four-month high of VND49.5 million ($2,137) per tael Wednesday as global prices surged due to a resurgence in coronavirus cases.

Vietnam’s largest jewelry company DOJI sold its SJC gold at VND49.5 million per tael on Monday morning, up 0.4 percent from Monday. A tael equals 1.3 ounces.

Saigon Jewelry Company Ltd also sold at VND49.5 million per tael, up 0.3 percent. SJC gold had reached an eight-year high of VND49.7 million ($2,146) in February.

Global prices rose by 1.7 percent to $1,804 per ounce on Tuesday, the highest rate since November 2011. Analysts said the rising number of Covid-19 cases globally means investors are turning to gold as a safe haven.