Vietnam gold prices surge to new peak
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Vietnam gold prices rose to another new peak Wednesday, continuing its climbing trend in recent weeks as the Russia-Ukraine tension remains high.
The state-owned Saigon Jewelry Company (SJC) sold its gold at VND67.4 million ($2,951.61) per tael Wednesday, up 1.35 percent from Tuesday. A tael equals 37.5 grams or 1.2 ounces.
Phu Nhuan Jewelry raised its gold up by 1.05 percent also to VND67.4 million.
Global rates slipped marginally to $1,941.46 per ounce Wednesday from the one-year high Tuesday as investors continued to seek the safe-haven assets as U.S. and Europe put more sanctions on Russia for attacking Ukraine.
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 price of gold per tael on Wednesday according to the Saigon Jewelry Company?
What was the price of gold per tael on Wednesday according to the Saigon Jewelry Company?
The state-owned Saigon Jewelry Company (SJC) sold its gold at VND67.4 million per tael on Wednesday. This price was a 1.35 percent increase from the previous day's figure, continuing a recent climbing trend.
Q.How did global gold prices perform on Wednesday compared to their recent high?
How did global gold prices perform on Wednesday compared to their recent high?
Global rates slipped marginally to $1,941.46 per ounce on Wednesday. This was a slight decrease from the one-year high recorded on Tuesday, despite ongoing investor demand for safe-haven assets.
Q.How much gold did Vietnam demand last year compared to other Southeast Asian countries?
How much gold did Vietnam demand last year compared to other Southeast Asian countries?
Vietnam's demand for gold last year exceeded 31.1 metric tons, making it Southeast Asia’s largest market. This figure was higher than Thailand's 28.7 tons and Indonesia's 19.8 tons, according to the World Gold Council.
Q.Why are Vietnamese gold prices currently increasing?
Why are Vietnamese gold prices currently increasing?
Vietnamese gold prices are currently increasing due to the continued high tension between Russia and Ukraine. This situation encourages investors to seek safe-haven assets, driving up the price of gold.
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