Vietnamese gold consumption demand reaches 14 tonnes in Q2
VOV.VN - The nation’s consumption demand for gold during the second quarter of the year reached 14 tonnes, an increase of 11% against the same period from last year, according to figures given on July 28 by the World Gold Council (WGC).
Andrew Naylor, head of ASEAN and Public Policy at the World Gold Council, said the country’s growing demand for gold is occurring amid the VND weakening and inflation rising.
He noted that the sharp increase in demand for jewelry in the nation can also be put down to the decrease in domestic gold prices, coupled with optimism among consumers in the context of a global economic recovery. It can also be attributed to the socio-economic recovery programme worth US$15 billion put forward by the Vietnamese Government.
Global gold demand fell by 6% in the second quarter of the year as investors shifted their focus to rapidly rising interest rates and a strong US$, the World Gold Council has said.
Most notably, Gold Exchange Traded Funds (ETFs) recorded outflows of 39 tonnes during the second quarter, thereby offsetting the strong inflow gains of 269 tonnes recorded in the January to March period, according to the report.
Central banks also boosted their purchases of gold amid global economic uncertainties, with net buying by central banks boosting global reserves by 180 tonnes in the second quarter.
