Demand for gold bars and coins totaled 40 tonnes, recording an annual drop of 2%, while demand for jewelry stood at 15 tonnes, suffering a fall of 16%.

Gold demand has decreased for four consecutive quarters compared to the same period last year due to the slow economic recovery and relatively high inflation globally.

Shaokai Fan, global head of Central Banks at the World Gold Council, said in Q4 2023 Vietnam witnessed an increase in gold investment due to gold price fluctuations. However, the increased demand and limit in gold investment options resulted in a significant difference on SJC gold bars.

The continuous decline in the value of the local currency throughout 2023 combined with economic difficulties served to push gold demand up.

The WGC also reported that global gold consumption demand last year hovered at around 4,448 tonnes, a drop of 5% compared to the same period from 2022.

Source: VOV