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Vietnamese people buy the most gold in Southeast Asia, nearly ten times more than other countries

According to the Gold Demand Trends Report in the first quarter of 2022, just released by the World Gold Council, the consumption gold jewelry in Vietnam has now begun to recover.

Accordingly, our country’s demand for gold jewelry increased by 10% over the same period last year, to nearly 6 tons. This is the first increase since last year, the number of two consecutive quarters before this decrease. Even this growth rate is also the highest quarterly increase since 2007.

The organization identified the factors that have supported this recovery are the festivals taking place at the beginning of the new year, including the Lunar New Year in February, Valentine’s Day and the day of the God of Wealth. This recovery was also recorded strongly, when it was equal to the pre-Covid-19 business level. Economic factors also boosted as GDP grew above 5% in the first quarter.

In contrast to Vietnam, gold jewelry consumption in the first quarter of this year in the island nation Indonesia down 7% over the same period last year, to just under 6 tons.

According to the World Gold Council, the country’s jewelry demand is affected by the spread of the Omicron variant; The daily reported infection rate peaked in February, leading to the reintroduction of restrictive social distancing measures in some areas.

Even so, the organization still believes in a more positive growth outlook in the island nation in the second quarter, thanks to the reduced infection rate and festive shopping activities that could increase demand for gold jewelry.

Vietnamese people buy the most gold in Southeast Asia, nearly ten times more than other countries - Photo 1.

The gold jewelry market in Vietnam was active in the first quarter of 2022 thanks to a series of events to welcome the Lunar New Year. Photo: Dy Khoa.

In Thailand, jewelry still has less purchasing power than before the pandemic but also had a quite positive first quarter. People in this country bought more than two tons of gold jewelry, up 8% over the same period last year. “The reopening of the economy and the resumption of tourism have stimulated demand, although consumers still refrain from buying in bulk.“, the World Gold Council commented in the report.

Jewelry demand in Singapore increased by 18% over the same period last year, to nearly 3 tons. According to the World Gold Council, this is the highest quarterly number since the last quarter of 2019. Further easing of restrictions and increased consumer confidence should boost demand for jewelry. strength.

In MalaysiaGold prices have been on the rise, but despite this, jewelry demand here has increased by 23% year-on-year to more than 3 tons. This is 20% higher than the quarterly average over the past five years.

Vietnamese people buy gold bars 7 times more than some countries

About gold bars, Vietnam’s demand increased by 4% year-on-year to 14 tons. According to the World Gold Council, the factors that strongly motivate people to buy gold include the increase in inflation and the position of the dong.

Other countries in the region lag far behind in total gold purchases in Q1 compared to Vietnam’s market. In there, Indonesia down 10% year-on-year to 5 tons. The high domestic price of gold and the rise of Omicron make many investors more contemplative about buying gold bars.

Similarly, gold bars at Thailand also decreased by 74% compared to the same period last year, to just under two tons for the whole first quarter of this year. According to the report, Thai consumers have been net buyers in the last 5 quarters, but the sudden price increase has caused many investors to sell and take profits.

Vietnamese people buy the most gold in Southeast Asia, nearly ten times more than other countries - Photo 2.

Vietnam’s demand for gold bars also increased sharply. Illustration: Dy Khoa.

There was also a buying volume of 2 tons in Q1 but the bullion market Singapore increased by 17% over the same period last year. This is the highest quarterly demand since Q4/2016.

Concerns about inflation and volatility in equity markets in emerging markets could increase gold’s appeal“, there is a paragraph in the report on the lion island market.

Similarly, investment demand in Malaysia also recovered, increased by 19% over the same period last year, the volume was approximately 2 tons. However, the growth rate over the same period is relatively low. However, the report is also optimistic as the country has lifted restrictions related to Covid-19.

From there, the post-pandemic economic recovery and inflation concerns may have fueled the recovery to pre-pandemic levels.

https://soha.vn/nguoi-viet-mua-vang-nhieu-nhat-dong-nam-a-gap-gan-chuc-lan-nuoc-khac-20220509100837275.htm


According to Dy Khoa

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