Asean Countries Defy Global Trend with Resilient Gold Demand

Despite a global sell-off in gold demand, countries in the Association of Southeast Asian Nations (Asean) showed resilience in their appetite for the precious metal during the second quarter. According to data from the World Gold Council's (WGC) Gold Demand Trends Q2 2026 report, Asean bar and coin demand retreated only 3% year-over-year to 307.1 tonnes in Q2.

Indonesia was one of the top-performing markets globally, with investment demand rising a significant 40% to 14.5 tonnes from the same quarter last year. The Indonesian government's launch of a bullion system road map earlier this year aimed at fortifying its gold ecosystem and encouraging downstream development in the sector.

Thailand also recorded its strongest second-quarter since 2019, with bar and coin demand increasing 10% to 10.9 tonnes during the quarter. Market participants reported growing participation from younger investors, along with strong interest in gold savings accounts.

Malaysia's bullion demand increased by 28% year-over-year to 2.5 tonnes in Q2, despite uncertainty caused by regulatory changes affecting imported bullion products.