Vietnamese gold demand sharply increases in third quarter

Vietnamese gold demand reached an estimated 12 tonnes in the third quarter of this year, representing a year-on-year rise of 264 percent.

Vietnamese gold demand reached an estimated 12 tonnes in the third quarter of this year, representing a year-on-year rise of 264 percent.

According to the World Gold Council’s report on demand trends, of the 12 tonnes of gold bought by Vietnamese between June and September this year, gold jewellery accounted for four tonnes.

  

Vietnamese gold demand reached an estimated 12 tonnes in the third quarter of this year.

Domestic gold demand increased due to rising inflation and the weakening Vietnamese dong, making gold more attractive.

The price of gold sold at state-owned distributor SJC rose to VND67.3 million per tael on Monday from VND65.2 million in late September.

Meanwhile, central banks worldwide bought a total of 400 tonnes of gold in the third quarter, up 115 percent on-year. This has been the highest level since 2000.