Vietnam Sees Decline in Gold Purchases Amid High Prices

The gold market in Vietnam has seen significant changes due to high prices. According to the World Gold Council's Q1/2026 Gold Demand Trends report, jewelry gold consumption reached a record level of about $472 million in value. However, this does not translate to an increase in volume purchased.

In fact, WGC noted that buyers are opting for smaller amounts of gold due to high spending. The second quarter saw a 28% decrease in jewelry gold demand compared to the same period last year, making it the strongest decline among ASEAN markets tracked by the organization.

The report attributes this decline to high domestic gold prices and cost of living pressure affecting consumers' affordability. Investment demand for gold bars and coins also decreased, with a 28% drop in purchase volume compared to the previous quarter and 31% compared to the same period last year.

Lecturer Le Thi Huong Tra at the Institute of Banking Science Research, Banking Academy, commented that gold demand among Vietnamese people cannot be seen solely as profit-seeking activity. 'Gold for many Vietnamese people is not only a profit-seeking investment but also accumulation and preservation of asset value,' she said.