Trade war pushes gold to 6-year high in Vietnam
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.
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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.
