The price of SJC-branded gold bars in the domestic market increased by VND1.5 million ($59) compared to the previous day to reach VND80 million ($3.163) per tael on August 13.

In the global market, the gold price on the same day climbed strongly by $40 per ounce against the previous day to hit this month’s peak of $2,476.46 per ounce at 6.30 am. The price then dropped to $2,465 per ounce at 9.30 am.

At this level, gold price in Vietnam was around VND5.5 million ($217) a tael higher than world price.

Experts said the increase of the gold price was driven by risk-averse sentiment among investors due to escalating geopolitical instability in the Middle East.

Also, the financial market is fraught with risks as major economies like the US and China have not yet shown stable growth, which makes gold even more attractive compared to other investment channels.