Vietnam has the most demand for gold consumption in Southeast Asia
The World Gold Council has just released its Gold Demand Trends Report 2024. According to this report, global gold consumption demand in 2022 will reach 4,974.5 tons of gold, up nearly 1% compared to 2023, reaching the highest level since 2011. This increase is mainly driven by significant investment inflows and sustained central bank purchases.
In Vietnam, the demand for gold consumption in the whole year of 2024 reached a total of 55.3 tons, a slight decrease compared to 2023 (55.5 tons). The demand for gold bars, bullion and gold coins reached 42.1 tons, up 4% over the same period, the highest level since 2016. Meanwhile, the demand for gold jewelry decreased by 13% compared to the same period in 2023, reaching 13.2 tons.
Although slightly down from 2023, Vietnam still has the highest gold consumption in Southeast Asia. Thailand ranks second with 48.8 tons of gold, Indonesia consumes 47.3 tons. Singapore consumes only 13.3 tons of gold.
Meanwhile, Vietnam's gold bar and trend go against the regional trend in the fourth quarter of 2024 with a decrease compared to the same period. Limited supply has made consumers lose their preference for gold bars, instead they switched to buying gold rings. Although classified as jewelry, these plain rings are often considered a type of asset stored.
How does domestic gold price fluctuate near God of Wealth day?
In the past 5 years, domestic gold prices on the first day of the 10th lunar month have fluctuated significantly, reflecting the general upward trend in the gold market.
For SJC gold bars, 2021 recorded the strongest increase, an increase of 11.5 million VND/tael in the selling direction compared to the previous year (2020).
Next, on the God of Wealth Day 2022 (February 10), the increase continued but at a slower pace, with an increase of more than 6 million VND/tael in selling price compared to 2021.
In 2024, the price of SJC gold bars skyrocketed to more than 78 million VND/tael, an increase of nearly 11 million VND/tael for selling compared to the previous year.
In early 2025, gold prices continued to increase sharply. As of 4:00 p.m. on February 6, 2025 (January 9th), the price of SJC gold bars remained high, listed at 86.9 - 90.1 million VND/tael (buy - sell).
The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC was 3.2 million VND/tael.
This fluctuation reflects the demand for gold at the beginning of the year and the Hygiene Day of the Vietnamese people, as well as the impact of the world gold market and other macroeconomic factors.
According to Lao Dong reporters, on the morning of February 6, 2025, although the price of gold was still high, at some gold shops in Hanoi, people's demand for gold transactions was increasing. Many people chose to wait for hours to buy gold.
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