The selling price of SJC gold rose significantly by 5.5 million VND ($240) per tael in just one week. It is predicted to continue rising as long as the crisis between Russia and Ukraine continues.
According to local media, many jewelers in Ho Chi Minh and Hanoi city were packed with people on March 7 due to the historic gold price in Vietnam. They lined up for their turn to trade and take profits.
Ms Nguyen Thi Thanh Phuong, a jewelry store manager in Binh Thanh district, said: “The price of gold is constantly changing and has risen to an all-time high this afternoon. We have a lot of customers, so I have to work continuously.”
Saigon Jewelry Company sold precious metal for VND 72.87 million per tael of 37.5 grams or 1.2 ounces.
DOJI sold for 71 million VND and PNJ for 71.1 million VND, all new highs.
The price of 9999 gold rings is also soaring to VND57,050 million ($2,497) per tael, an increase of nearly VND2 million ($87) compared to the same day last week.
Despite the historic gold price, some people choose to hold onto gold and wait for the prices to rise even further.