Gold prices hit new peak
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Vietnam’s gold price hit a new historic peak of VND62.7 million ($2,769.32) per tael Tuesday, surpassing the previous record in August 2020, even as global rates went flat.
Saigon Jewelry Company (SJC) sold its gold at VND62.7 million per tael Tuesday, up 1.2 percent to a new record. A tael equals 37.5 grams or 1.2 ounces.
Jewelry company DOJI sold its gold at around VND62.6 million and Phu Nhuan Jewelry, for VND62.3 million.
Global rates were little changed at $1,840.49 per ounce Tuesday afternoon as concerns about a faster pace of policy tightening by the U.S. central bank countered safe-haven demand, fueled by escalating tension over Ukraine.
Vietnam’s gold is now VND12 million, or 23.7 percent, higher than global rates.
Questions & Answers
Q.Which specific company recorded the new peak price for gold in Vietnam?
Which specific company recorded the new peak price for gold in Vietnam?
Saigon Jewelry Company (SJC) sold its gold at VND62.7 million per tael on Tuesday, marking the new historic peak. This was an increase of 1.2 percent compared to its previous sales.
Q.What is the difference between Vietnam's gold price and global rates?
What is the difference between Vietnam's gold price and global rates?
Vietnam's gold is currently VND12 million higher than global rates. This represents a difference of 23.7 percent, according to the figures provided in the article.
Q.How do other major jewelry companies' prices compare to the new peak?
How do other major jewelry companies' prices compare to the new peak?
Jewelry company DOJI sold its gold at around VND62.6 million, which was slightly below the peak. Phu Nhuan Jewelry offered its gold at VND62.3 million on the same day.
Q.What factors influenced global gold prices on Tuesday?
What factors influenced global gold prices on Tuesday?
Global rates were largely unchanged due to two opposing factors. Concerns about faster policy tightening by the U.S. Central bank offset the safe-haven demand, which was driven by rising tensions over Ukraine.
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