Vietnam gold prices rise to new record
In this article (5)
Gold prices in Vietnam hit a new peak Monday ahead of the God of Wealth Day amid surging demand.
Saigon Jewelry Company (SJC) sold its gold at VND63.5 million ($2,801.49) per tael Monday afternoon, up 1.02 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.
Prices at another major reseller, DOJI, stood at VND63.4 million.
The increase came ahead of the annual God of Wealth Day on Friday. This is the time when Vietnamese often purchase gold with the belief that the metal could bring good fortune to their business and family through Lunar New Year.
Global gold prices hit a more than the one-week peak of $1,812.80 per ounce Monday, as inflationary pressures due to surging oil prices helped cushion the impact of a U.S. Treasury yield rally after an upbeat jobs report.
“Gold is getting a little bit defensive, realizing that we could be in this state for hyperinflation,” Stephen Innes, managing partner at SPI Asset Management said.
Questions & Answers
Q.Which specific event is driving the recent surge in gold demand within Vietnam?
Which specific event is driving the recent surge in gold demand within Vietnam?
The increase in demand is occurring ahead of the annual God of Wealth Day on Friday. Vietnamese commonly buy gold during this period, believing it brings good fortune to their businesses and families for the Lunar New Year.
Q.How much did Saigon Jewelry Company (SJC) sell their gold for per tael on Monday?
How much did Saigon Jewelry Company (SJC) sell their gold for per tael on Monday?
Saigon Jewelry Company (SJC) sold its gold at VND63.5 million per tael on Monday afternoon. This price marked a 1.02 percent increase from the previous Friday's trading figures.
Q.What factors are contributing to the rise in global gold prices mentioned in the article?
What factors are contributing to the rise in global gold prices mentioned in the article?
Global gold prices are rising due to inflationary pressures, particularly from surging oil prices. This upward trend is occurring despite a U.S. Treasury yield rally that followed an upbeat jobs report.
Q.What is the equivalent weight of one tael of gold?
What is the equivalent weight of one tael of gold?
One tael of gold, as mentioned in the article, is equivalent to 37.5 grams. In imperial measurements, this converts to 1.2 ounces.
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