World Gold Council: Vietnamese people increase buying gold bars, reduce buying gold rings

11/03/2023 09:42 Nhat Linh Print article

ANTD.VN - Gold consumption demand in Vietnam decreased slightly by 1% compared to the same period last year, in which, the demand for gold rings decreased sharply while the demand for gold bars and gold coins increased sharply, according to the World Gold Council.

The World Gold Council’s Gold Demand Trends for Q3 report shows that the asset class remains resilient, as central banks continue to maintain record gold buying rates, bringing global gold demand in Q3 (excluding the OTC market) to 1,147 tonnes, 8% above the five-year average.

Data from the World Gold Council shows that this is the third-highest quarterly net buying by central banks, reaching 337 tons. Although it does not break the record for the same period in 2022, demand since the beginning of the year has reached 800 tons, setting a new record.

This strong central bank buying is expected to continue through the end of the year, suggesting that total demand will rebound strongly in 2023.

Nhu cầu đầu tư vàng miếng tăng trong quý III ảnh 1

Demand for gold bar investment increased in the third quarter

In Vietnam, gold consumption demand decreased by 1% year-on-year to 11.9 tonnes in Q3 2023 compared to 12.0 tonnes in Q3 2022.

The decline was mainly due to a 14% y-o-y drop in domestic jewelry demand, from 3.5 tonnes in Q3 2022 to 3.0 tonnes in Q3 this year. However, this decline was offset by a 4% y-o-y increase in demand for gold bars and coins, from 8.5 tonnes to 8.8 tonnes.

“Jewelry demand in Vietnam in the third quarter was at its lowest level since 2021. High inflation and slower-than-expected economic growth have affected consumer purchasing power,” said Shaokai Fan, managing director for Asia Pacific (excluding China) and global head of central banks at the World Gold Council.

However, the devaluation of the Vietnamese dong has prompted investors to take advantage of the August price correction as a safe starting point to strategically invest in gold bars and coins as a place to accumulate assets.

Regarding domestic gold prices, they have maintained a strong increase in the last quarter, from about 67 million VND/tael for sale to around 71 million VND/tael.

This morning, Saigon Jewelry Company (SJC) is listing the price of SJC gold brand at 69.80 - 70.52 million VND/tael (buy - sell), down 150 thousand VND/tael compared to yesterday's closing price.

At DOJI and Phu Quy Groups, SJC is currently trading at 69.85 - 70.65 million VND/tael. Phu Quy SJC

Meanwhile, the price of 99.99 gold moved in the opposite direction, increasing by about 200 - 300 thousand VND/tael compared to yesterday's closing price. PNJ gold is listed at 58.70 - 59.80 million VND/tael. SJC rings are 58.60 - 59.60 million VND/tael.

In the world, after the Fed's decision to keep interest rates unchanged, gold prices fluctuated little. In the trading session on November 2 in the US market (last night, early this morning Vietnam time), spot gold increased slightly by 2.6 USD/ounce, to 1,985 USD/ounce.

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