With the trade war spurring demand, gold prices in Vietnam have risen by 4.97 percent this week to their highest levels in six years.

On August 8 morning the country’s largest jewelry company DOJI sold gold at VND42.3 million ($1,826) per tael (1.2 ounces), up 0.71 percent from the previous day, and bought at VND41.5 million ($1,792).

Phu Nhuan Jewelry raised its prices by around 0.85 percent to buy at VND41.5 million ($1,792) and sell at VND42 million ($1,812).

After rising by VND2 million ($86.4) since August 5, the prices breached the VND42 million ($1,812) mark for the first time since May 2013.

Global prices rose by $27 per ounce on August 7 to over $1,500 for the first time in six years as the ongoing US-China trade tensions escalate with Washington announcing new tariffs on Beijing, boosting the appeal of safe-haven assets.

Goldman Sachs Group Inc. on August 7 predicted prices would climb to $1,600 in the next six months.

The US government early this week determined that China is a monetary manipulator for the first time since 1994. The US action follows China allowing its yuan to weaken past the key 7-per-dollar level on August 5 for the first time in more than a decade.

Beijing later said it would stop buying US agricultural products, inflaming a year-long trade war with the US.