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Thailand leads Asia in demand for gold
The latest report from the World Gold Council, released on Tuesday, shows an increase in Thailand’s gold demand, even as global gold prices reach record highs.
- Thailand’s gold market showed resilience with a 22% increase in bar and coin investment and a 12% rise in jewelry demand, defying global trends.
- Global gold demand increased by 4% in the second quarter, driven by robust over-the-counter transactions and record-high gold prices.
- Central banks globally continued to increase their gold reserves, with a 6% year-on-year increase, despite a slight slowdown from the previous quarter.
The report highlights Thailand’s resilient gold market in the second quarter, with a 22% increase in bar and coin investment and a 12% rise in jewelry demand. Despite high prices, consumers took advantage of a mid-quarter price correction to buy gold.
Overall, global gold demand increased by 4%, driven by Southeast Asia, particularly Thailand. Global jewelry demand decreased by 19%, while there was a minor outflow of 7 tonnes from Gold ETFs.
However, demand for gold in technology increased by 11%. Central banks globally increased their gold reserves by 183 tonnes, reflecting a 6% year-on-year increase. The average gold price reached a record high of US$2,338 per ounce, with a peak of $2,427/ounce.
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