An individual holds a tael of gold at a jewellery store in Ho Chi Minh Metropolis. Picture by VnExpress/Quynh Tran
Gold costs scaled one other new peak in Vietnam Monday morning as international charges climbed amid the persevering with Russia-Ukraine disaster.
Saigon Jewellery Firm bought bullion at VND70.5 million per tael of 37.5 grams or 1.2 ounces, up 1.73 p.c from Saturday.
DOJI bought at VND71 million, and PNJ at VND71.1 million, all new highs.
Some sellers anticipated costs to maintain rising so long as the battle continued.
“Some persons are holding on to gold and ready for costs to rise even additional,” Tran Minh To, a spokesperson for a jewellery retailer in HCMC’s District 8, stated.
Globally spot gold gained 1.5 p.c to $1,998.37 per ounce Monday morning because the preventing entered its eleventh day with either side calling on the opposite to put down arms.
Vietnam was Southeast Asia’s largest gold bullion and coin market final yr and among the many prime 10 globally.
The demand within the nation exceeded 31.1 metric tons in comparison with 28.7 tons in Thailand and 19.8 tons in Indonesia, in keeping with the World Gold Council.
Gold continued to be the highest asset class for 72 p.c of Vietnamese buyers, the WGC stated citing a research of two,000 buyers final yr.