Gold prices hit new peak

Jul 27, 2020Updated May 30, 20251 min read

Vietnam’s gold prices continued their ascent Thursday to reach a new peak as global rates rose, driven by the latest escalation in U.S.-China tensions.

State-owned Saigon Jewelry Company sold its popular SJC gold at VND54.2 million ($2,341) per tael of 37.5 grams (1.2 ounces), up 1.3 percent from Wednesday. The country’s largest jewelry company, DOJI, sold at VND53.7 million ($2,319), up 1.6 percent.

Global rates went up by 0.3 percent to $1,873.97 on Thursday, the highest in nearly nine years, after the U.S. gave China 72 hours to close its consulate in Houston amid accusations of spying. China has vowed to retaliate.

The fear of missing out “is driving a flood of speculative money into gold, piling on top of January-June’s heavy physical demand,” Bloomberg quoted Adrian Ash, director of research at BullionVault, as saying.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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