Gold demand in Vietnam falls sharply due to rapid increase in prices
The World Gold Council’s Q3 2024 gold demand trend report shows that the total global gold demand increased by 5 percent year-on-year to 1,313 tonnes, a record increase in the third quarter. For the first time, the total gold demand exceeded US$100 billion supported by strong investments in a record high price environment.
Vietnam witnessed a 33 percent quarterly decrease and a 10 percent annual decrease in demand for gold bars and gold coins |
Global investment demand increased by more than double year-on-year to 364 tonnes, driven by a shift in demand for gold ETFs primarily from Western investors. Globally, gold ETFs added 95 tonnes, marking the first positive quarter since Q1 2022. Bar and coin demand fell by 9 percent, but the year-to-date total remains strong at 859 tonnes compared to the 10-year average of 774 tonnes.
Gold prices continued to rise to record highs during the quarter reaching an average of US$2,474/ounce.
Shaokai Fan, Regional Director for Asia-Pacific (excluding China), and Head of Central Banks at the World Gold Council commented, “Gold prices continue to rise strongly as investment demand increases. Geopolitical risks, concerns about economic recession and soaring gold prices are factors that have significantly increased these figures. However, high gold prices are likely to cause the demand for gold jewelry to fall and price stability is needed to change this trend.”
The World Gold Council assessed that gold jewelry demand in Vietnam decreased by 15 percent compared to the previous quarter and decreased by 13 percent compared to the same period last year. In addition to gold jewelry, Vietnam also witnessed a 33 percent quarterly decrease and a 10 percent annual decrease in demand for gold bars and gold coins. The decline in gold demand in Vietnam may be due to the sharp increase in gold prices, which restricts new purchases.
Louise Street, senior markets analyst at the World Gold Council, commented “The ‘Fear Of Missing Out - FOMO factor’ among investors has been a significant driver of increased demand this quarter. Many investors are keen to capitalize on price momentum, encouraged by potential interest rate decreases and considering gold’s role as a safe haven amidst US political uncertainty and escalating Middle Eastern conflicts.”
Looking ahead, Louise noted that the strong momentum in gold investment is likely to continue, supporting both demand and price levels. However, with over 30 record price highs in 2024, this environment presents challenges for consumer demand. Nonetheless, the prospect of economic growth is a key factor to monitor, as it could influence market dynamics.
See also
Vietnam’s real estate market among most promising in Asia-Pacific: Knight Frank
10:25 | 27/11/2024 Economy
Businesses struggle to export products without carbon emissions reduction plans, say forum experts
10:20 | 27/11/2024 Economy
Cross-border e-commerce drives export opportunities for Vietnamese products: forum
09:31 | 27/11/2024 Economy
Bank savings among most attractive investment channels
09:20 | 27/11/2024 Economy
Excise tax increase on alcohol may reduce GDP: experts warn
09:18 | 27/11/2024 Economy
Bình Định is a promising destination for Thai businesses
09:05 | 27/11/2024 Economy
See more news
Đà Nẵng announces four projects eligible for sale to foreigners
09:01 | 27/11/2024 Economy
Top 10 largest corporate tax payers contribute over US$13 billion to State budget
16:47 | 26/11/2024 Economy
Proposal on establishing railway joint venture considered
09:24 | 26/11/2024 Economy
Việt Nam regulates remanufactured imports under EU, UK FTAs
09:20 | 26/11/2024 Economy
E-commerce is chance and challenge for domestic goods
09:09 | 26/11/2024 Economy
Code of conduct issued for real estate brokers
16:26 | 25/11/2024 Economy
Weather-related risks, low interest rates hinder bank loans to agricultural sector
10:35 | 25/11/2024 Economy
More efforts needed to popularise use of crushed sand as an alternative to natural sand
09:25 | 25/11/2024 Economy
Signs of renewal amid diverse issuances in green bond market
09:21 | 25/11/2024 Economy
Foreign investors flock to invest in the south
09:16 | 25/11/2024 Economy
Lunar New Year holiday to span nine days
10:32 | 27/11/2024 Policy
Vietnamese, Chinese border localities boost education cooperation
10:25 | 27/11/2024 Society
Vietnam’s real estate market among most promising in Asia-Pacific: Knight Frank
10:25 | 27/11/2024 Economy
Việt Nam, Denmark strengthen cooperation for green, sustainable future
10:21 | 27/11/2024 Cooperation
Businesses struggle to export products without carbon emissions reduction plans, say forum experts
10:20 | 27/11/2024 Economy
Multimedia
Vietnam, Bulgaria strengthen traditional friendship and multifaceted cooperation
08:56 | 26/11/2024 Infographic
Banning motorbikes - a complex issue
09:32 | 24/11/2024 Society
Strengthening Vietnam-Cambodia friendship and cooperation
09:00 | 22/11/2024 Infographic
Vietnam - Malaysia Strategic Partnership
10:54 | 21/11/2024 Infographic
Vietnam, Dominican Republic strengthening cooperation
08:45 | 20/11/2024 Infographic
Lunar New Year holiday to span nine days
10:32 | 27/11/2024 Policy
Party Central Committee concludes 13th Conference with major resolutions for reform and national development
16:37 | 25/11/2024 Policy
New decree on using telecommunications accounts for payment proposed
09:29 | 22/11/2024 Policy
Parliament approves amendments to pharmacy law
08:54 | 22/11/2024 Policy
Vietnam seeks Danish assistance in green energy development
11:21 | 26/11/2024 Energy
Huge potential for VN, UK to boost cooperation in clean energy
15:29 | 25/11/2024 Energy
Vietnam’s automotive supporting industry: A bright future ahead, riding the wave of growth
20:42 | 22/11/2024 Industry
VN's food processing industry struggles to improve quality and value chain integration
11:36 | 22/11/2024 Industry
Japanese retailer Aeon to break ground on 4th shopping mall in Northern Vietnam
15:54 | 25/11/2024 Investment
Thai packaging giant takes 30-year lease for largest ready-built factory in Tay Ninh
16:58 | 22/11/2024 Investment
Workshop seeks ways to attract Japan’s green investment to Vietnam
09:43 | 20/11/2024 Investment
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh
16:57 | 18/11/2024 Investment
Bac Ninh Province meets business needs for year-end loans
17:02 | 26/11/2024 Finance-Banking
Promoting credit for key agricultural sectors in Mekong Delta
11:11 | 25/11/2024 Finance-Banking
HDBank wins three awards at Vietnam Listed Company Awards 2024
10:53 | 21/11/2024 Finance-Banking
VIB, Flywire partner to streamline cross-border payments for students from Vietnam
16:46 | 18/11/2024 Finance-Banking
Businesses support Vietnam’s net zero target
16:18 | 25/11/2024 Environment
Prolonged rainfall and landslides disrupt life in central region
15:43 | 25/11/2024 Environment
Tough negotiations to prevent Earth’s warming
10:38 | 24/11/2024 Environment
MoT view on raising emission standards for scooters from 2027
19:46 | 23/11/2024 Environment
Global experts delve into earth, environmental sciences at int’l Vietnam confab
09:59 | 27/11/2024 Science - Technology
TECHFEST Vietnam 2024 crowns winners for innovation in healthcare and sustainability
17:06 | 26/11/2024 Science - Technology
MoU signed to foster Vietnam-Canada cooperation in science, technology
17:04 | 25/11/2024 Science - Technology
First Vietnamese scientist named at UK’s TechWomen 100 Awards
17:00 | 25/11/2024 Science - Technology
Vietnamese, Chinese border localities boost education cooperation
10:25 | 27/11/2024 Society
HCM City’s first metro line set to commence operations next month
09:04 | 27/11/2024 Society
Promoting green consumption
17:14 | 26/11/2024 Society
VND320-billion stopover to be built on North-South Expressway’s Quy Nhon - Chi Thanh section
17:00 | 26/11/2024 Society
Phú Xuyên a land of hundreds of timeless crafts
10:12 | 27/11/2024 Vietnamese Brands
Dong Thap diversifies lotus products
09:34 | 26/11/2024 Vietnamese Brands
Top 10 reputable pharmaceutical, medical supply companies in 2024 announced
09:17 | 26/11/2024 Vietnamese Brands
The essence of Chuon Ngo Mother-of-Pearl Inlay Village
16:42 | 25/11/2024 Vietnamese Brands
Vietnamese students promote cultural heritage in Australia
10:05 | 27/11/2024 Culture
Young boy takes top prize at writing contest
09:49 | 26/11/2024 Culture
Hà Nội Culinary Culture Festival 2024 to take place this month
09:45 | 26/11/2024 Culture
Long An's 2nd Culture, Sports, Tourism Week to kick off in late November
16:49 | 25/11/2024 Culture
Community tourism transforms livelihoods in remote areas
09:55 | 27/11/2024 Tourism
Vietnam’s stunning Golden Bridge, Ba Den Mount on British publication
09:49 | 27/11/2024 Tourism
India to promote Ninh Binh’s tourism potential
09:36 | 27/11/2024 Tourism
Vietnam welcomes first group of 400 Chinese tourists on charter train
09:41 | 26/11/2024 Tourism