Vietnamese gold demand shoots up in Q3

Vietnam’s gold demand in Q3 has more than tripled from the same period of the previous years. A report by the World Gold Council showed that Vietnamese gold demand was estimated to total 12 tonnes of jewellery, bars, and coins in the third quarter of this year, representing a rise of 264% year-on-year. The report said the demand was buoyed by continued recovery from the COVID-19 pandemic as most remaining restrictions were lifted, allowing full economic activity to resume. The report found that in Vietnam, jewellery consumption more than trebled year-on-year to 4 tonnes and that the sizable increase was largely due to the comparison with a very weak Q3 of 2021. Regarding gold coins and bars, Vietnam saw a particularly significant year-on-year rise in investment demand which more than trebled to 8 tonnes.