Vietnam is the strongest gold jewellery market in Asia, according to the World Gold Council’s report. (File Photo) Hanoi (VNA) - Vietnam was thestrongest gold jewellery market in Asia last year, according to the World GoldCouncil’s report about gold trends in 2017 released recently.
Withyear-on-year growth of 11 percent in the fourth quarter of 2017, Vietnam’sannual demand for jewellery rose by 7 percent to reach 16.5 tonnes.
Thiswas the strongest year for Vietnamese jewellery demand since 2008, the councilsaid, adding that demand benefited from robust economic growth and continuedstock market gains.
Expansionof the jewellery retail network and tentative signs that the Government willbegin to liberalise the gold market also boosted the market, the council saidin the report.
Globally,gold demand rallied in the closing months of 2017, gaining 6 percentyear-on-year to more than 1,090 tonnes in the fourth quarter, however full-yeardemand fell by 7 percent to 4,070 tonnes.
Full-yeargold jewellery demand increased by 4 percent to 2,135 tonnes - the first yearof growth since 2013.
India andChina led a 4 percent recovery in jewellery, although demandremained below historical averages.
Increaseduse of gold in smart phones and vehicles sparked the first year of growth intechnology demand since 2010.
Inanother report, the council said investors added gold to their portfolios asincomes increased, uncertainty loomed and gold’s price growth continued.
In2018, gold will be supported by synchronised global economic growth, shrinkingcentral bank balance sheets and rising rates, frothy asset prices and markettransparency, efficiency, and access.
TheState Bank of Vietnam is drafting amendments to the Decree 24/2012/ND-CP aboutgold business management, which could impact the gold market this year.
Inthe domestic market, demand for gold increased in the days approachingthe Tet (Lunar New Year)holiday.
Accordingto Nguyen Thi Cuc, Deputy Director of Phu Nhuan Jewellery Joint Stock Company,demand for gold products last week increased by 15-20 percent compared tonormal days.
SJCgold was sold at 36.87 million VND (1,600 USD) per tael on February 7 in Ho ChiMinh City market.
OnKitco, gold was traded at 1,328 USD.-VNA
VNA
