Vietnamese gold consumption demand increases by 6%
VOV.VN - Vietnam’s consumption demand for gold during the first quarter of the year edged up by 6% against the same period from last year, according to figures given by the World Gold Council (WGC).
The global gold market enjoyed a rebound in the first quarter of the year, representing an annual rise of 34%, thanks to strong inflows of exchange-traded funds (ETFs).
Coupled with the recovery of global gold demand, consumer gold demand in the country also rose from 18.6 tonnes in the fourth quarter of last year to reach 19.6 tonnes in the first quarter of the year, representing an increase of 6% year on year.
This growth was primarily driven by total demand for gold bars and coins increasing by 4% from 13.5 tonnes in the first quarter of 2021 to 14 tonnes in the first quarter of this year.
Andrew Naylor, regional CEO for the Asia-Pacific (excluding China) at the WGC, attributed the increase in demand for gold and jewelry to local festivals, including the Lunar New Year, known locally as Tet, Valentine's Day, and the God of Wealth Day, along with the recovery of businesses in the post-COVID-19 period.
Louise Street, senior analyst EMEA at the WGC, pointed out that geopolitical turmoil which occurred in the first quarter of the year has proved gold to be a safe-haven for both investors and retail consumers. Street predicted that the growing demand for gold would continue to inch up sharply due to high inflation and escalating geopolitical tensions moving forward.
