The selling price of SJC gold saw a significant increase by VND5.5 million ($240) per tael in just one week. It’s predicted to keep rising as long as the continuing Russia- Ukraine crisis.
According to local media, many jewelry stores in Ho Chi Minh and Hanoi city were crowded with people because of historic gold’s price in Vietnam on March 7th. They lined up for their turn to trade and take profits.
Mrs. Nguyen Thi Thanh Phuong, a manger of a jewelry store in Binh Thanh district said that: “Gold’s price is constantly changing, has increased to an unprecedented high this afternoon. We have many customers, so I have to work continuously”.
Saigon Jewelry Company sold bullion at VND72.87 million per tael of 37.5 grams or 1.2 ounces.
DOJI sold at VND71 million, and PNJ at VND71.1 million, all new highs.
The price of 9999 gold rings also rise sharply to VND57.050 million ($2,497) per tael, up nearly VND2 million ($87) compared to the same day last week.
In spite of historic gold’s price, some people choose to hold on to gold and waiting for prices to rise even further.