Gold prices hit new peak
In this article (5)
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.
Questions & Answers
Q.What is the primary reason for the recent increase in gold prices?
What is the primary reason for the recent increase in gold prices?
Gold prices have risen due to an escalation in U.S.-China tensions. This geopolitical development has driven global rates higher, leading to increased demand for gold as a safe-haven asset, including speculative money and physical demand.
Q.How much did a tael of gold cost from Saigon Jewelry Company on Thursday?
How much did a tael of gold cost from Saigon Jewelry Company on Thursday?
On Thursday, state-owned Saigon Jewelry Company sold its SJC gold at VND54.2 million per tael. This price is equivalent to approximately $2,341 for a tael, which weighs 37.5 grams or 1.2 ounces.
Q.What was the percentage increase in SJC gold price compared to the previous day?
What was the percentage increase in SJC gold price compared to the previous day?
The SJC gold price from Saigon Jewelry Company saw an increase of 1.3 percent from Wednesday. Meanwhile, DOJI, the country's largest jewelry company, experienced an even higher rise of 1.6 percent.
Q.What specifically caused the latest rise in global gold rates?
What specifically caused the latest rise in global gold rates?
The latest rise in global gold rates was triggered by the U.S. Instructing China to close its consulate in Houston within 72 hours, amid accusations of spying. China has stated its intention to retaliate against this action.
Reader pulse
What's driving gold's rise?
19,075 votes so far