The gold demand in Vietnam slumped significantly in the third quarter of this year as the sharp price rises deterred fresh buying, while the world’s total gold demand touched record high, according to the Q3 gold demand trends research recently published by the World Gold Council.
The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding over-the-counter) fell to 4,448 tonnes in 2023, down just 5% from a notably strong 2022.
In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.
Demand for gold in Vietnam fell by 12% year-on-year in the first quarter to 17.2 tonnes, according to the latest Gold Demand Trends report from the World Gold Council.
Vietnam has the highest demand for gold in Southeast Asia, Andrew Naylor, Regional CEO, Asia-Pacific (excluding China) and Public Policy of the World Gold Council, said during a recent virtual workshop on the Vietnamese gold market.
Gold demand is expected to surge on the God of Wealth Day on the 10th day of the Lunar New Year, which falls this year on February 21, as Vietnamese believe that would bring good luck and prosperity through the year.
