Gold prices hit 7-year high
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Vietnam’s gold prices hit a seven-year high Friday as the coronavirus outbreak pushed investors to seek safer assets.
The country’s second-largest jewelry company, DOJI, was selling gold at VND45.59 million ($1,964) per tael (1.2 ounces), up 1.3 percent from Thursday, the highest since January 2013.
Phu Nhuan Jewelry, meanwhile, sold its gold at VND45.75 million ($1,971), up 1.7 percent.
The domestic price surge followed a global rise in gold prices of 0.9 percent to $1,635 per ounce Friday, the highest in seven years.
Gold has become a more attractive investment option as the ongoing novel coronavirus outbreak will have negative impacts on the global economy.
The gold price rise has happened alongside a fall in stocks. On Friday, Vietnam’s benchmark VN-Index fell 3.5 percent from the beginning of the year to 933.09 points.
Questions & Answers
Q.What was the highest price DOJI sold gold for per tael on Friday?
What was the highest price DOJI sold gold for per tael on Friday?
DOJI was selling gold at VND45.59 million ($1,964) per tael. This price was up 1.3 percent from Thursday.
Q.Why did gold prices reach a seven-year high?
Why did gold prices reach a seven-year high?
The coronavirus outbreak pushed investors to seek safer assets. Gold has become a more attractive investment option due to the negative impacts on the global economy.
Q.How much did Vietnam’s benchmark VN-Index fall on Friday?
How much did Vietnam’s benchmark VN-Index fall on Friday?
Vietnam’s benchmark VN-Index fell 3.5 percent from the beginning of the year. It reached 933.09 points on Friday.