Vietnam’s gold demand surges in Q2

August 20, 2013 | 09:17

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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%.

SGT

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