Gold continues to scale new peaks
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Gold prices in Vietnam climbed to a new peak, as global rates hit an all-time high. State-owned Saigon Jewelry Company sold its popular SJC gold at VND60.7 million ($2,628) per tael of 37.5 grams (1.2 ounces) on Thursday morning, up 2.88 percent from Wednesday.
Major jewelry company DOJI sold at VND60.3 million ($2,611). The State Bank of Vietnam said it has the resources to stabilize the gold market and would closely monitor the price movements.
Global rates edged down to $2,041 on Thursday after reaching an all-time high of $2,055 on Wednesday. Analysts said the rapid rise in Covid-19 cases has dented hopes of a swift economic rebound, driving inflows into safe-haven assets such as gold, which has gained more than 34 percent this year.
Vietnam’s gold bar and coin demand in the first quarter fell 8 percent year-on-year to 12.3 tonnes, according to the World Gold Council.
Questions & Answers
Q.What was the selling price for SJC gold per tael on Thursday morning?
What was the selling price for SJC gold per tael on Thursday morning?
State-owned Saigon Jewelry Company sold its popular SJC gold at VND60.7 million ($2,628) per tael on Thursday morning. This represented a 2.88 percent increase from the previous day's price.
Q.What was the highest global gold rate reached before Thursday?
What was the highest global gold rate reached before Thursday?
Global gold rates reached an all-time high of $2,055 on Wednesday. On Thursday, prices edged down slightly to $2,041, having previously hit this record peak.
Q.Why are analysts suggesting gold prices are rising rapidly?
Why are analysts suggesting gold prices are rising rapidly?
Analysts believe the rapid increase in Covid-19 cases has reduced expectations for a quick economic recovery. This situation drives investment into safe-haven assets like gold, which has seen significant gains this year.
Q.How much did Vietnam's gold demand fall in the first quarter?
How much did Vietnam's gold demand fall in the first quarter?
Vietnam's demand for gold bars and coins decreased by 8 percent year-on-year in the first quarter. The country consumed 12.3 tonnes during this period, according to the World Gold Council.
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