Vietnam's Gold Demand Declines Amid Plunging Prices
In Q2, Vietnam was the only Southeast Asian country to see a decline in gold demand, according to the World Gold Council. The council reported that investment gold demand plummeted 31% year-on-year to 6.5 tonnes, ranking Vietnam third behind Indonesia (14.5 tonnes) and Thailand (10.9 tonnes).
The World Gold Council attributed the decline in Vietnamese demand to lower local prices, which undermined sentiment and constrained import quotas, keeping the local price premium discouragingly high.
In contrast, Indonesia emerged as one of the fastest-growing gold markets in the world with a 40% year-on-year surge in demand. Thailand also recorded its strongest second quarter since 2019 as the correction in the local gold price encouraged bargain hunting.