A gold shop in Hanoi (Photo: VNA) After a few months of near-complete safety from COVID-19, an outbreak in Danang at the end of last month has created new tension for Vietnam, but with three related deaths reported as of noon August 1. As a result, the gold bar price in the local market in recent weeks has constantly broken records, at one point hitting over VND58 million ($2,522) per tael. Domestic gold prices complied with the increase in global gold prices and maintained a difference of VND1-3 million ($43-$130) per tael higher than worldwide prices. Gold continuously increased in price by more than 50 per cent over the past year, before surging significantly in the last two weeks. The metal rose persistently two years ago, spurred by global trade tensions and geopolitical conflicts. And more recently, various public health challenges have also added fire to the fuel, pushing investors to seek for safer assets. Ngo Tri Vinh, analyst at Bao Viet Securities, explained, “The driver of this increase is that the world has been facing various uncertainties simultaneously, including pandemic and general geopolitical instability, as well as dealing with the fiscal and monetary policies of governments worldwide injecting large… Read full this story
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