Vietnam gold price hits 6-year high
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Gold prices in Vietnam soared to a six-year high on Monday amid rising military tension between the U.S. and Iran. The country’s largest jewelry company DOJI sold its SJC gold at VND44.44 million ($1,924) per tael (1.2 ounces) on Monday morning, up 3.78 percent from Friday.
Another giant Phu Nhuan Jewelry also raised its selling price to VND44.3 million ($1,918), up 4.7 percent.
It is the first time Vietnam’s gold price passed the VND44.4 million ($1,922) mark in the last six years.
The surge came as global gold prices increased by up to 1.8 percent to $1,579 per ounce at a point on Monday morning, the highest in seven years.
The sudden rush for safe-haven assets came after U.S. President Donald Trump ordered a strike that killed Iran’s General Qasem Soleimani, head of the Iranian Revolutionary Guard’s elite Quds Force, on Friday. Iran has vowed to retaliate.
Gold prices had been surging throughout last year as trade tensions between the U.S. and China persisted.
Questions & Answers
Q.What is the primary reason for the sudden increase in gold prices?
What is the primary reason for the sudden increase in gold prices?
Gold prices surged due to rising military tension between the U.S. And Iran, following a U.S. Strike that killed an Iranian general. This caused a rush for safe-haven assets.
Q.Which Vietnamese companies are mentioned as increasing their gold prices?
Which Vietnamese companies are mentioned as increasing their gold prices?
The country's largest jewellery company, DOJI, and another giant, Phu Nhuan Jewelry, both raised their selling prices. DOJI's SJC gold reached VND44.44 million per tael.
Q.How do Vietnam's gold price increases compare to the global market?
How do Vietnam's gold price increases compare to the global market?
Vietnam's gold prices reached a six-year high, passing the VND44.4 million mark. Global gold prices increased by up to 1.8 percent to $1,579 per ounce, hitting a seven-year high.
Q.Were there any other factors contributing to rising gold prices before this event?
Were there any other factors contributing to rising gold prices before this event?
Yes, gold prices had been increasing throughout the previous year. This was due to persistent trade tensions between the U.S. And China, which had been ongoing.
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