Consumption of gold in Vietnam falls sharply
Consumption of gold in Vietnam falls sharply
Vietnam spent nearly $603 million on 15.6 tons of gold in the fourth quarter of 2014, down 13% compared to the same period in 2013, falling by two spots to ninth in the world for gold sales.
The information comes from the World Gold Council (WGC) report released on February 12.
The report shows that demand for gold in the fourth quarter of 2014 fell in many countries, except for South Korea, Germany and the UK.
Although the amount of jewelry gold sales in Vietnam during this period increased, Vietnamese people were still keen on gold bars rather than jewelry.
The data indicates that Vietnamese people purchased 2.3 tons of jewelry gold, up 5% compared to the same period last year and up to 13.3 tons of gold coins and gold bars, down 15% year on year.
Due to the needs of gold of Vietnam fell sharply while that of other countries also fell but at a lower rate, Vietnam dropped by two spots to rank ninth in the world for gold consumption in this period, in terms of both volume and value.
India is the world’s largest gold consumer with 223.2 tons (up 2% compared to the same period last year), followed by mainland China with 183.5 tons (down 28%), the US with 67.2 tons (up 7%), Turkey with 34.9 tons (up 4%) and Germany with 32.6 tons (up 17%).
Last year Vietnam consumed a total of 69.1 tons, down 29% compared to the same period of 2013.
WGC said the total global consumption of gold in the fourth quarter 2014 reached 857.8 tonnes, down 8% compared to 927.9 tonnes in the same period of the previous year.
