Gold continues to scale new peaks

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.