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Gold demand triples in Q3

By Dat Nguyen   November 7, 2022 | 08:44 pm PT
Gold demand triples in Q3
A person holds a gold ring at a jewelry shop in Binh Thanh District, Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam's gold demand more than tripled to 12 tons in the third quarter from 3.3 tons a year earlier.

Bullion and coin sales rose to 8.5 tons from 2.4 tons, and jewelry sales to 3.5 tons from 0.9 tons, according to a report by the World Gold Council.

"Vietnam saw a particularly significant year-on-year rise in demand. It more than tripled as local investors again sought refuge in gold, with high demand for rings and SJC tael bars."

The rise in jewelry demand comes amid Vietnam’s particularly robust recovery, with healthy GDP growth, incomes boosted by reversed salary cuts and companies returning to full employment, the report added.

The price of gold sold at state-owned distributor SJC had fallen to VND65.2 million per tael (37.5 grams) at the end of September but has since risen 3.8% to around VND67.7 million now.

Global gold demand (excluding over-the-counter trading) in the third quarter rose 28% year-on-year to 1,181 tons.

 
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