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.