Demand for gold jewelry in Vietnam in the second quarter fell 15% year-on-year to just 3 tons. The decline was mainly driven by gold prices.
Trend Report gold demand The second quarter of 2024 just announced by the World Gold Council (WGC) shows that total global gold demand increased by 4% compared to the same period last year, to 1,258 tons, marking the strongest second quarter increase according to data from this organization.
Total gold demand increased due to active over-the-counter (OTC) trading, up 53% to 329 tonnes year-on-year.
Increased demand from the OTC market, continued buying from central banks and slowing outflows from gold exchange-traded funds (ETFs) have boosted gold price hit a record high in the second quarter.
The average gold price reached 2,338 USD/ounce (over 59.5 million VND), 18% higher than the same period last year and reached a record of 2,427 USD/ounce (over 61.8 million VND) in the second quarter.
Global gold investment remained stable, up slightly year-on-year to 254 tonnes, said Shaokai Fan, regional director for Asia- Pacific (excluding China) and global head of central banking at the WGC.
"Gold demand from the ASEAN countries we track separately in the gold demand trend remains positive: all are up year-on-year, partly due to "The money is losing value," said Mr. Shaokai Fan.
In Vietnam, a report from the WGC shows that investors continue to seek gold bars and coins as a safe storage channel to cope with rising inflation, falling domestic currency, and poor performance of domestic stock and real estate markets.
As a result, demand for gold bars and coins in Vietnam in the second quarter increased by 30% compared to the same period in 2023, to 12 tons.
Total demand for gold bars and coins in the first half of 2024 reached 26 tonnes, the highest level since 2014.
However, according to WGC, record high gold prices have restrained the volume of gold jewelry in the world, with global gold jewelry demand in the second quarter falling 19% compared to the same period last year.
In Vietnam alone, demand for gold jewelry in the second quarter fell 15% year-on-year to just 3 tons. The decline was mainly driven by gold prices, although slowing GDP growth also affected buyer sentiment, WGC experts explained.
In the first half of this year, demand for gold jewelry in Vietnam dropped to just over 7 tons, the lowest level in the first half of the year since 2020.
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