Vietnam gold prices keep rising
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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.
Questions & Answers
Q.What was the highest price a tael of gold reached in Vietnam on Monday?
What was the highest price a tael of gold reached in Vietnam on Monday?
Saigon Jewelry Company sold bullion at VND72.87 million per tael on Monday morning. This price represents a 5.15 percent increase compared to Saturday's figures, setting a new high for the company.
Q.How did Vietnam's gold demand compare to other Southeast Asian countries last year?
How did Vietnam's gold demand compare to other Southeast Asian countries last year?
Vietnam was the largest gold bullion and coin market in Southeast Asia last year, with demand exceeding 31.1 metric tons. This figure surpassed Thailand's 28.7 tons and Indonesia's 19.8 tons, according to the World Gold Council.
Q.Why do some sellers expect gold prices to keep increasing?
Why do some sellers expect gold prices to keep increasing?
Some sellers anticipate prices will continue to rise as long as the Russia-Ukraine conflict persists. A jewelry store spokesperson noted that some people are holding onto gold, expecting further price increases.
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