The gold demand in Vietnam slumped significantly in the third quarter of this year as the sharp price rises deterred fresh buying, while the world’s total gold demand touched record high, according to the Q3 gold demand trends research recently published by the World Gold Council.
Gold bar and coin demand in Vietnam in the second quarter of this year (Q2) jumped 30% year-on-year to 12 tonnes, the World Gold Council’s Q2 2024 Gold Demand Trends report has revealed.
According to the World Gold Council, Vietnam's demand for investment in gold bullion and coins saw the strongest growth in the first quarter since 2015.
The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding over-the-counter) fell to 4,448 tonnes in 2023, down just 5% from a notably strong 2022.
In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.
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, experts said.
Demand for gold in Vietnam fell by 12% year-on-year in the first quarter to 17.2 tonnes, according to the latest Gold Demand Trends report from the World Gold Council.
Vietnamese’s gold demand was estimated to total 12 tonnes of jewellery, bars and coins in the third quarter of this year, representing a rise of 264% year-on-year, according to the latest report by the World Gold Council.
Vietnam has the highest demand for gold in Southeast Asia, Andrew Naylor, Regional CEO, Asia-Pacific (excluding China) and Public Policy of the World Gold Council, said during a recent virtual workshop on the Vietnamese gold market.
Vietnam is the largest gold consuming market in Southeast Asia and among the top 10 in the world, according to Andrew Naylor, Director of ASEAN World Gold Council.
Vietnam was the strongest gold jewellery market in Asia last year, according to the World Gold Council’s report about gold trends in 2017 released recently.
A recent report by the World Gold Council shows that Vietnam remains one of the countries with the highest gold consumption in the world in the first quarter of this year.
Vietnam's gold consumption in the second quarter reached 14.5 tonnes, down 23 percent in comparison with the first quarter, according to the World Gold Council.
