Vietnam gold prices climb to new record
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Vietnam gold prices rose to a new high Tuesday on the back of global rates soaring because of rising international tensions over the Ukraine situation.
The Saigon Jewelry Company (SJC) was selling its gold at VND63.85 million ($2,798) per tael at 3 p.m., up 1.03 percent from Monday. A tael equals 37.5 grams or 1.2 ounces. It then fell to VND63.6 million at the time of publishing.
DOJI sold its gold at VND63.65 million, up 0.71 percent.
In the global market, gold rose 0.2 percent to a near nine-month high of $1,909.33 per ounce, as tensions intensified in Eastern Europe intensified after Russia ordered troops into breakaway regions of eastern Ukraine, supporting demand for safe-haven bullion.
“With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment,” said Jeffrey Halley, a senior market analyst at OANDA.
Questions & Answers
Q.Which companies were mentioned in the article regarding gold sales?
Which companies were mentioned in the article regarding gold sales?
The Saigon Jewelry Company (SJC) and DOJI were both mentioned in the article. SJC was selling its gold at VND63.85 million per tael, while DOJI's price was VND63.65 million.
Q.What was the global price of gold at the time of the report?
What was the global price of gold at the time of the report?
In the global market, gold rose 0.2 percent to a near nine-month high of $1,909.33 per ounce. This increase was attributed to intensifying tensions in Eastern Europe.
Q.How much does a tael of gold weigh in grams and ounces?
How much does a tael of gold weigh in grams and ounces?
A tael of gold weighs 37.5 grams. This is equivalent to 1.2 ounces. The SJC was selling a tael for VND63.85 million.
Q.Why are gold prices increasing in the current market?
Why are gold prices increasing in the current market?
Gold prices are increasing due to rising international tensions over the Ukraine situation. This geopolitical instability is supporting demand for gold as a safe-haven asset, as noted by analyst Jeffrey Halley.
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