Home Commodities

Vietnam’s gold demand surges in Q2

Aug 20th at 13:40
20-08-2013 13:40:15+07:00

Vietnam’s gold demand surges in Q2

The World Gold Council (WGC) estimated gold demand in the country at 23.2 tons in the second quarter of this year, a 24% rise year-on-year but still lower than the gold volume the central bank sold out in the period, according to Vnexpress.

WGC in the report released on Thursday said that gold demand in Vietnam stood at 23.2 tons with the total value of over US$1 billion in the second quarter, up 24% and 9% year-on-year respectively. Of which, demands for jewelries and investment increased.

In the first quarter, gold demand declined 17% given gold trading regulations of the Government and falling inflation.

However, compared to other Asian countries such as China, India, Thailand, Japan, Indonesia and Korea, the gold demand increase in Vietnam was the second lowest, only higher than Thailand. The figure was also modest compared to 49 tons the central bank sold to banks and enterprises via auctions during the period.

Over the past one year, gold demand in the country reached 77.4 tons, down 26% against the same period of the previous year. Of which, the demand for bullion investment made up nearly 86%.

vir

MOST READ

NEWS SAME CATEGORY

Phu Quoc Fish Sauce wins EU approval
COMMODITIES Aug 20th at 13:24

Phu Quoc Fish Sauce wins EU approval

The Phu Quoc Fish Sauce Association yesterday received the EU Certificate of Protected Designation of Origin of Ph Quoc (PDO "Phu Quoc").

Auto imports decline in July
COMMODITIES Aug 20th at 13:16

Auto imports decline in July

Automobile imports in July slumped by more than 26 per cent from June to 2,700 units, according to the General Department of Customs.

SBV vows to continue gold bidding until short supply ends
COMMODITIES Aug 19th at 16:52

SBV vows to continue gold bidding until short supply ends

Approximately 55 tons of gold has been put into circulation through bidding, which has helped narrow the gap between the domestic and the international prices. But...

Rice exporters worried about the new rules
COMMODITIES Aug 19th at 14:22

Rice exporters worried about the new rules

Rice export companies have got worried stiff when hearing that they would have to develop their material growing areas in order to be eligible for exporting rice.

Safety net
COMMODITIES Aug 19th at 13:31

Safety net

The Viet Nam Food Association (VFA) has said it will introduce a new contract to prevent cancellations of rice export deals, something that has happened far too...

Stagnant markets
COMMODITIES Aug 19th at 13:30

Stagnant markets

Local producers have been forced to bring steel prices down with the domestic market remaining stagnant and Chinese steel selling at much lower prices.

Gold bullion, even small-valued ones, sold like hot cakes
COMMODITIES Aug 17th at 16:11

Gold bullion, even small-valued ones, sold like hot cakes

The sale of gold bullion at the State Bank of Vietnam (SBV) and Vietnam’s gold powerhouse Saigon Jewelry Co (SJC) has flourished these days with ever-rising demand.

Local dairy producers try to make hay when the sun shines
COMMODITIES Aug 17th at 16:04

Local dairy producers try to make hay when the sun shines

The Vietnamese mothers’ worry about the quality of foreign made dairy products after a series of bacterial contamination scandals has brought the golden opportunity...

Rice purchase plan passes million mark
COMMODITIES Aug 17th at 16:00

Rice purchase plan passes million mark

Rice trading enterprises have already purchased 1 million tonnes of rice under the Viet Nam Food Association (VFA)'s plan, said an official from the VFA.

Steel price picks up on power price hike
COMMODITIES Aug 16th at 14:14

Steel price picks up on power price hike

Construction steel price increased VND150,000 per ton on Monday under the impact of rising input costs, including higher electricity and fuel bills, said builders...

Read More

Commodity prices

MOST READ

Back To Top