Gold prices soar to new peak
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Vietnamese gold prices hit a new all-time high of VND64.8 million (US$2,838.4) per tael Thursday as global rates skyrocketed amid tensions over the Ukraine situation.
Saigon Jewelry Company sold gold at VND64.8 million per tael of 37.5 grams or 1.2 ounces, up 1.4 percent from Wednesday afternoon.
DOJI sold at VND64.7 million, also up 1.4 percent. The previous high in Vietnam was VND62.4 million in August 2020.
In the global market, the metal rose by 1.7 percent to a nine-month high of $1,930.65 per ounce as geopolitical tensions supported demand for safe-haven bullion.
Vietnamese prices are VND11.35 million, or 21.5 percent, higher than global rates.
Gold continued to be the top asset class for 72 percent of Vietnamese investors, the WGC said citing a study of 2,000 investors last year.
Questions & Answers
Q.How much higher are Vietnamese gold prices compared to global rates?
How much higher are Vietnamese gold prices compared to global rates?
Vietnamese gold prices are significantly higher than global rates. They are VND11.35 million, or 21.5 percent, more expensive than international prices per tael, despite the recent global surge.
Q.When was the previous record high for gold prices in Vietnam?
When was the previous record high for gold prices in Vietnam?
The previous all-time high for gold prices in Vietnam was recorded in August 2020. At that time, the price reached VND62.4 million per tael before the current surge.
Q.What percentage of Vietnamese investors consider gold their top asset class?
What percentage of Vietnamese investors consider gold their top asset class?
According to a study cited by the WGC, 72 percent of Vietnamese investors view gold as their preferred asset class. This indicates strong local demand for the metal.
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