Asean Gold Demand Defies Global Sell-Off Amid Geopolitical Uncertainty

Asean's gold demand bucked the broader global sell-off in Q2, driven by Indonesia and Thailand.

According to the World Gold Council's Gold Demand Trends Q2 2026 report, global bar and coin demand for gold retreated 3% year-on-year to 307.1 tonnes in Q2. However, Singapore saw a 6% increase in bar and coin demand to 2.3 tonnes.

Indonesia was one of the strongest-performing markets globally, with investment demand rising 40% to 14.5 tonnes from the corresponding quarter last year. The Indonesian government's launch of a bullion system road map earlier this year has also encouraged downstream development in the sector.

Thailand recorded its strongest second quarter since 2019 due to price correction, while Malaysia saw an increase in demand despite uncertainty caused by regulatory changes affecting imported bullion products.