Demand for gold in Thailand is on the rise despite the global trends of record high prices, according to the latest report released by the World Gold Council (WGC) on August 13.
Bangkok (VNA) ꧒- Demand for gold in Thailand is on the rise despite the global trends of record high prices, according to the latest report released by the World Gold Council (WGC) on August 13.
The report noted that Thailand's gold market showed particular resilience in the second quarter, with bar and coin investment surging 22% year-on-year to 7 tonnes, as investors sought refuge in gold amidst ongoing weakness in the baht.
Jewelry demand also rose, increasing 12% year-on-year to 2 tonnes, defying the global trend of declining jewelry sales due to high prices.
Thailand bucked current trends in the second quarter, despite the record gold price environment, the Council’s Shaokai Fan noted.
He went on to say that consumers reacted to the mid-quarter price correction, seizing the opportunity to buy before prices resumed their upward trend.
Meanwhile, consumer gold demand across Southeast Asia grew by 20% year-on-year to 9 tonnes, with Thailand leading the pack. This contributed to a robust 4% increase in overall global gold demand to 1,258 tonnes from April to June.
The quarter witnessed record-high gold prices, with the average reaching 2,338 USD per ounce, up 18%, and peaking at 2,427 USD per ounce.
However, global jewelry demand fell by 19%.
Central banks continued to augment their gold reserves, adding 183 tonnes globally. Although this represents a slowdown from the previous quarter, it still reflects a 6% year-on-year increase./.
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