For the first time this year gold smashed the US$2,000 per ounce mark in the global market early August 5, prompting local gold prices to reach a new peak of VND58.7 million per tael shortly afterwards.

Saigon Gold, Silver and Gemstone joint stock company (SJC) at 9am on August 5 listed its SJC gold at between VND57.5 million to VND58.7 million per tael, marking rises of between VND670,000 and VND720,000 per tael in terms of both the buying and selling prices in comparison to yesterday’s trading session.

Simultaneously, DOJI Gold and Gems Group offered gold at between VND57.4 million (buying) and VND58.7 million (selling) for per tael of SJC gold, indicating increases of between VND600,000 and VND1.05 million per tael respectively.

Meanwhile, Bao Tin Minh Chau, one of the leading gemstone brands in the country, at 3pm quoted its SJC gold at VND57.95 to VND58.75 million per tael, up approximately VND1 million per tael from the previous day.

In the global market, gold climbed to US$2,024 per ounce, a rise of 2% in comparison to the previous trading day.

The price of the precious metal enjoyed a sharp increase due to investors hoping that the United States would implement a wider-ranging stimulus package in an effort to support the economy after being negatively affected by the COVID-19 pandemic.

Furthermore, the price of US dollars fell to its record low over the past two years, a factor which has forced many financiers to seek safe havens in which to invest in, with gold ultimately representing their top choice.