Gold climbs to four-month high
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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.
Questions & Answers
Q.What is driving the recent increase in gold prices?
What is driving the recent increase in gold prices?
Analysts suggest that investors are turning to gold as a safe haven asset. This trend is occurring due to a resurgence in coronavirus cases globally, leading to increased demand for the precious metal.
Q.What was the highest price SJC gold reached recently?
What was the highest price SJC gold reached recently?
SJC gold reached an eight-year high of VND49.7 million, equivalent to $2,146, earlier in February. This was slightly higher than the current four-month high observed this week.
Q.How much has the global price of gold increased recently?
How much has the global price of gold increased recently?
Global gold prices rose by 1.7 percent on Tuesday, reaching $1,804 per ounce. This marks the highest rate recorded for global prices since November 2011, indicating significant growth.
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