Vietnam’s gold price leapt to another high on Tuesday morning as the global price sky-rocketed amid escalating tension between Russia and Ukraine.

At Phu Nhuan Jewelry JSC (PNJ), bullion rose VND2.6 million (US$113) to VND71.1 million ($3,100) a tael, about VND9 million ($393) higher than the previous peak set in August 2020.

PNJ listed the buying price at VND69.4 million ($3,030) per tael.

Meanwhile, Saigon Jewelry Company (SJC) sold the precious metal at VND70 million ($3,060) per tael.

Gold traders widened the gap between the selling and buying prices to about VND1.7 million ($74) for each tael amid the strong turbulence on the gold market, thus preventing a possible wave of gold sellers who seek to earn profits due to the price hike.

The selling price of SJC gold has gained VND5.5 million ($240) a tael in just one week, which has surely brought some profit to short-term investors, according to local gold companies.

Back in October 2021, the yellow metal was offered at only VND57 million ($2,490) per tael.

However, experts have advised investors against buying at the moment, as SJC gold price is nearly VND16 million ($700) higher than the global rate for each tael.

The price of 9999 gold rings also rallied sharply to VND56.75 million ($2,480) a tael on Monday, up nearly VND1 million ($43) compared to the end of last week.

At 10:00 am Monday, the global rate fell slightly to $1,992 an ounce but was still at a high level.

A tael equals 1.2 troy ounces.

According to analysts, investors have been worried that the military conflict between Russia and Ukraine could trigger a profound impact on the global economy.

In addition, high inflation in the U.S. also contributes to the rising gold price as people flock to keep gold as a safe haven amid uncertainties.

Global investors are now waiting for the outcomes of the U.S. Federal Reserve (FED)’s upcoming meeting, which is expected to conclude on March 16.

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