In Q3, the country’s gold demand more than tripled to 12 tons from 3.3 tons a year earlier. Bullion and coin sales rose to 8.5 tons from 2.4 tons, and jewelry sales to 3.5 tons from 0.9 tons, according to a report by the World Gold Council. Andrew Naylor, Managing Asia-Pacific Director of (excluding China) of WGC, said Vietnam’s economic recovery boosted gold demand in Q3. In the first nine months of last year, consumption was just 34.5 tons because of pandemic impacts . In Vietnam, gold prices in have gained by over 9.3% since the beginning of the year. On Tuesday, gold price at the state-owned Saigon Jewelry Company (SJC) dropped 0.15% to VND67.4 million ($2,712) per tael. A tael is equal to 37.5 grams or 1.2 ounces. Jewelry firm DOJI maintained its price at VND67.4 million. In total, the world’s gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the same period in 2021, the WGC said. Demand for gold was also strong from jewellers and buyers of gold bars and coins, the WGC said in its latest quarterly report, but exchange traded funds (ETFs) storing bullion for investors shrank. Gold is typically seen… Read full this story
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