Vietnam's gold demand hits highest level since 2014

Hanoi: Gold bar and coin demand in Vietnam in the first half of this year reached 26 tonnes, the highest level since 2014, Vietnam News Agency reported Thursday, citing the World Gold Council's Q2 2024 Gold Demand Trends report.

The country's total demand for gold bars and coins in Q2 jumped 30 per cent year-on-year to 12 tonnes, said the report.

Gold bar and coin demand in Vietnam rose as investors continue to seek refuge in gold to combat rising inflation, a weaker local currency and the poor performance of the local equity and real estate markets, the report noted, Xinhua news agency reported.

Vietnamese gold jewellery demand in Q2 fell 15 per cent year-on-year to three tons primarily due to price, although slowing gross domestic product growth also impacted sentiment. Its demand in the first half of 2024 sank to just above seven tons, the lowest first-half total since 2020.