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Gold prices scaled another new peak in Vietnam Monday morning as global rates climbed amid the continuing Russia-Ukraine crisis.
Saigon Jewelry Company sold bullion at VND72.87 million per tael of 37.5 grams or 1.2 ounces, up 5.15 percent from Saturday.
DOJI sold at VND71 million, and PNJ at VND71.1 million, all new highs.
Some sellers expected prices to keep rising as long as the conflict continued.
“Some people are holding on to gold and waiting for prices to rise even further,” Tran Minh To, a spokesperson for a jewelry store in HCMC’s District 8, said.
Globally spot gold gained 1.5 percent to $1,998.37 per ounce Monday morning as the fighting entered its 11th day with both sides calling on the other to lay down arms.
Vietnam was Southeast Asia’s largest gold bullion and coin market last year and among the top 10 globally.
The demand in the country exceeded 31.1 metric tons compared to 28.7 tons in Thailand and 19.8 tons in Indonesia, according to the World Gold Council.
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.
