Thailand - bright spot in global gold market

August 14, 2024 | 16:38

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Demand for gold in Thailand is on the rise despite the global trends of record high prices, according to the latest report released by the World Gold Council (WGC) on August 13.

Thailand - bright spot in global gold market, Illustrative image (Photo: bangkokpost.com)

Bangkok - Demand for gold in Thailand is on the rise despite the global trends of record high prices, according to the latest report released by the World Gold Council (WGC) on August 13.

The report noted that Thailand's gold market showed particular resilience in the second quarter, with bar and coin investment surging 22 per cent year-on-year to 7 tonnes, as investors sought refuge in gold amidst ongoing weakness in the baht.

Jewelry demand also rose, increasing 12 per cent year-on-year to 2 tonnes, defying the global trend of declining jewelry sales due to high prices.

Thailand bucked current trends in the second quarter, despite the record gold price environment, the Council’s Shaokai Fan noted.

He went on to say that consumers reacted to the mid-quarter price correction, seizing the opportunity to buy before prices resumed their upward trend.

Meanwhile, consumer gold demand across Southeast Asia grew by 20 per cent year-on-year to 9 tonnes, with Thailand leading the pack. This contributed to a robust 4 per cent increase in overall global gold demand to 1,258 tonnes from April to June.

The quarter witnessed record-high gold prices, with the average reaching 2,338 USD per ounce, up 18 per cent, and peaking at 2,427 USD per ounce.

However, global jewelry demand fell by 19 per cent.

Central banks continued to augment their gold reserves, adding 183 tonnes globally. Although this represents a slowdown from the previous quarter, it still reflects a 6 per cent year-on-year increase.

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By VNA

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