Vietnam’s Gold Rates Skyrocket as Global Bullion Hits Record $5,000 Per Ounce

Gold prices in Vietnam experienced a significant boost on Monday as international bullion rates soared to a new record high of over US$5,000 per ounce. Saigon Jewelry Company’s gold bar price increased by 1.26% to VND176.5 million (US$6,735.35) per tael, a rate echoed by other sellers in the area.

Local and Global Rates

Within Vietnam, the price of bullion is now VND14 million per tael higher than the worldwide standard. This surge in price is not limited to bars of gold, as the cost of gold rings also saw an increase of 1.45% to VND175.5 million per tael. Just to clarify, a tael is a unit of weight, equivalent to 37.5 grams or 1.2 ounces.

Global Gold Price Surge

Internationally, gold has set a new record high. The escalation in the price of gold is attributed to investors seeking a ‘safe-haven’ asset in light of increasing political uncertainties around the globe. The spot gold price rose by 1.98% to $5,081.18 per ounce, after initially reaching $5,092.71. The precious metal has seen its value increase by over 17% this year alone. Similarly, U.S. gold futures for February delivery saw a 2.01% increase to $5,079.30 per ounce.

Market analyst Fawad Razaqzada explains the recent trend in gold prices as typical ‘safe-haven’ behaviour. He suggests that underlying demands for secure investments continue to be present, as confidence in the dollar and bonds appear to be somewhat unsteady.