Demand for gold in Thailand is on the rise, defying global trends of record-high prices, according to the World Gold Council’s latest report, released on Tuesday.
The report noted that Thailand’s gold market showed particular resilience in the second quarter, with bar and coin investment surging 22% year-on-year to 7 tonnes, as investors sought refuge in gold amidst ongoing weakness in the baht. Jewellery demand also rose, increasing 12% year-on-year to 2 tonnes, defying the global trend of declining jewellery sales due to high prices.
Meanwhile, consumer gold demand across Southeast Asia grew by 20% YoY to nine tonnes, with Thailand leading the pack. This contributed to a robust 4% increase in overall global gold demand to 1,258 tonnes from April to June.
Global gold demand rose by 4% to 1,258 tonnes, bolstered by robust over-the-counter transactions, which saw a significant 53% increase to
329 tonnes.
The quarter witnessed record-high gold prices, with the average reaching US$2,338 per ounce, an 18% increase, and peaking at $2,427/ounce.
However, global jewellery demand fell by 19%. Gold ETFs experienced a minor outflow of 7 tonnes, while demand for gold in technology increased by 11%, primarily due to the AI boom in the electronics sector.
Central banks continued to
augment their gold reserves, adding 183 tonnes globally. Although this represents a slowdown from the previous quarter, it still reflects a 6% YoY increase.
Source: The Nation
