Vietnamese gold investment demand nears $1 billion per quarter

Vietnamese gold investment demand nears $1 billion per quarter

When measured by value, the total of gold investment in Việt Nam still rose by 12 per cent to US$997 million, indicating that long-term demand will remain strong.

SJC-branded gold bars. — VNA/VNS Photo

Việt Nam went against the global gold investment trend in the second quarter, with purchasing demand dropping by 20 per cent year-on-year to just nine tonnes.

Data from the World Gold Council shows that global gold demand rose to 1,249 tonnes in Q2, a 3 per cent increase year-on-year.

In value terms, demand surged by 45 per cent to US$132 billion.

When measured by value, the total of gold investment in Việt Nam still rose by 12 per cent to $997 million.

Among nations, China continued to lead with a demand of 115 tonnes, while India saw positive growth, raising its total holdings to 46 tonnes in Q2.

In Western markets, investment trends were more mixed. Net investment demand for gold in Europe more than doubled to 28 tonnes, while in the US, demand for gold bars and coins halved to just nine tonnes.

In the ASEAN region, high gold prices and socio-political instability have driven a sharp increase in gold investment demand.

Việt Nam was an exception, with its Q2 gold demand falling by 20 per cent compared to the same period last year. 

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