Demand for gold down 9% in Q2

Demand for gold in Vietnam fell 9 per cent year-on-year in the second quarter of 2023, the latest report from the World Gold Council (WGC) shows.

Vietnamese people purchased 12.7 tons of the precious metal in the quarter, 1.3 tons fewer than in the second quarter of last year.

Demand for gold bars and coins fell 5 per cent year-on-year to 9.1 tons while gold jewelry was down 18 per cent to 3.7 tons.

Mr. Shaokai Fan, Managing Director of the WGC in the Asia-Pacific region, said demand also fell in other ASEAN countries in the second quarter. Vietnam’s economic downturn for two consecutive quarters affected demand for jewelry, while demand for gold bars also declined due to low liquidity coupled with fluctuations in the stock market and the real estate market, he said.