On Monday morning the country’s largest jewelry company, DOJI, sold its SJC gold at VND49.05 million ($2,103), up 0.8 percent from the weekend. Saigon Jewelry Company Ltd sold at VND49.15 ($2,107), also up 0.8 percent.

Global gold prices increased by 0.9 percent to $1,755 per ounce on Monday morning, the highest since October 2012.

Analysts said the bleak economic figures of the U.S. because of the coronavirus outbreak and worries regarding its souring relations with China contributed to the rise as investors sought a safe haven.

Vietnam’s gold bar and coin demand in the first quarter fell 8 percent year-on-year to 12.3 tonnes, according to the World Gold Council.