Thailand overtakes Vietnam as Southeast Asia’s top market for gold demand

This marked the highest in seven years and was valued at more than US$6 billion. The country displaced Vietnam, which had been the region’s largest market in 2024 with demand of 42.1 tonnes.

In total, five major Southeast Asian gold markets saw bars and coins purchase surging more than 15% last year to a total of 139 tonnes, highest in nine years.

Vietnam came second with purchases of 36.1 tonnes. But it was the only country that posted a decline in sales, down 14%.

Vietnam’s gold trading contracted for a sixth straight quarter in the final quarter of 2025, sinking to its lowest level in nearly five years. Supply shortages were cited as a key factor behind the decline.

A shortage of gold bars and a surge in demand for 24K rings drove prices up sharply, widening the gap with global rates. In Vietnam, bullion prices rose by 81% last year and 13.5% so far this year.

Together, Thailand and Vietnam accounted for two-thirds of Southeast Asia’s gold demand.

In the third place was Indonesia with 31.6 tonnes in sales, a 29% surge. This was the highest volume in 12 years.

Malaysia came fourth with demand jumping 37% to 10.3 tonnes, also a 12-year high.

In the fifth place, Singapore posted the largest growth in the region at 48% with 9.6 tonnes sold, a new record in volume.

Global demand for gold bars and coins totaled 1,374 tonnes, equivalent to $154 billion, with China and India remaining the two largest markets.

Demand in China for gold bars and coins rose 28% in 2025 compared with 2024, while India recorded a 17% increase over the same timeframe.

Together, the two countries accounted for more than half of total global bar and coin demand.