Business

Gold remains potential investment channel

Gold remains a potential investment channel until the end of this year, though the global economy in general, and Vietnam in particular, still possess potential risk factors related to recession and inflation, which make it difficult to forecast the gold price.
Gold remains potential investment channel ảnh 1Customers buy gold at Phu Quy Gold and Silver Company in Hanoi. Gold is still a potential investment channel until the end of this year. (Photo: VNA)
Hanoi (VNS/VNA) - Gold remains a potential investmentchannel until the end of this year, though the global economy in general, and Vietnamin particular, still possess potential risk factors related to recession andinflation, which make it difficult to forecast the gold price.

This statement was made by Shaokai Fan, Head of Asia-Pacific(ex-China) and Global Head of Central Banks of the World Gold Council (WGC), ata press conference last week to release the WGC’s latest gold consumer demandtrend report for the first quarter of 2023.

The latest WGC gold demand trend report showed that in Vietnam,gold demand decreased by 12% from 19.6 tonnes in the first quarter of 2022 toonly 17.2 tonnes in the first quarter of 2023.

Similarly, the demand for gold bullions and coins also experienceda decline of 10% from 14 tonnes in the first quarter of 2022 to 12.6 tonnes inthe first quarter of 2023. Meanwhile, jewellery demand fell by 18% from 5.6tonnes in the first quarter of 2022 to 4.6 tonnes in the first quarter of 2023.

Explaining the above trend, Shaokai Fan said that the increase ingold price affected the demand for buying gold jewellery and bullions in theVietnamese market. In addition, the decline of the real estate market andconcerns about inflation caused the demand to buy gold to decrease.

Louise Street, a senior market research specialist at the WGC,said that the complex movement of the gold market in Q1 2023 highlighted thediversity in gold demand and underpinned the role and efficiency of the asset.Against the backdrop of various economic and demand drivers in the world goldmarket, growth in some regions has offset declines in others. The commonalityacross major markets is investor interest in gold to protect its value in timesof financial uncertainty.

Particularly in Vietnam, Shaokai Fan said that gold demand in thefirst quarter of 2023 decreased compared to the same period last year, partlydue to the strong growth of gold in the first quarter of 2022. However, Q1 2023demand still showed a positive sign when compared to previous years.

Therefore, he said, when investing in gold, investors should notbase their decisions only on gold price, but also need to consider manydifferent factors, such as investment allocation ratio and investmentportfolio, and investors certainly should not invest in just one type ofcommodity./.
VNA
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