Gold prices reached a new all-time peak of VND58 million (US$2,500) per tael in Vietnam on Tuesday morning after the precious metal had skyrocketed to $1,980 per ounce in the global market.
DOJI, Vietnam’s largest jewelry company, sold SJC gold, the national brand, at VND58 million per tael and asked for VND56.5 million ($2,435) per tael early Tuesday.
One tael of gold equals 37.8 grams.
Meanwhile, the prices of gold listed at other gold firms were quite comparable.
The rise in domestic gold prices can be attributed to the impact of the global market which saw rates surge to $1,972.7 per ounce as of 8:45 am Tuesday.
The precious metal had previously risen 1.6 percent to a record high of $1,943 per ounce globally on Monday, surpassing its gains in September 2011, according to Reuters.
A lot of factors were in play for markets, said Shafali Sachdev, the head of FX Asia at BNP Paribas Wealth Management in Singapore, from U.S.-China tensions to a second wave of coronavirus outbreaks, Reuters reported.
Vietnam’s gold prices topped VND53 million ($2,286) per tael for the first time in history on Wednesday last week.
The upward trend is expected to continue in the next few days, according to experts.