Gold jewelry consumption increased sharply

The amount of gold jewelry consumed in the Vietnamese market in the third quarter of 2015 increased by 31% compared to the same period last year due to the decrease in gold prices, according to a recent report by the World Gold Council (WGC).

Figures given in the report show that in the third quarter of 2015, the demand for gold jewelry in Vietnam was 3.5 tons, up 31% over the same period last year, but down compared to the first two quarters of this year. In the first and second quarters, the demand for gold jewelry in Vietnam was 4.4 tons and 3.7 tons, respectively.

Customers buy gold at a DOJI store on Ham Nghi Street, District 1, HCMC

According to the report, gold demand in Indonesia, South Korea and Vietnam grew by double digits, partly due to falling gold prices. In Vietnam, faster economic growth and low inflation also contributed to the increase in demand for gold jewelry.

Meanwhile, total demand for gold bars and gold coins in Vietnam in the third quarter of this year was 11.5 tons, down 13% year-on-year, even though the drop in gold prices provided an attractive opportunity to buy and the difference between the price of SJC gold bars and the world gold price also decreased significantly.

On the morning of November 14, the price of SJC gold sold by businesses was 33.36 million VND/tael, and bought at 33.14 million VND/tael, equal to the price at the end of yesterday, but down 430,000 VND/tael compared to the end of last month. In general, the price of SJC gold is on a downward trend, but has not yet reached the lowest level this year.

Meanwhile, according to kitco.com, the world gold price on November 13 was at 1,083.9 USD/ounce, which is in a downward trend and is currently at its lowest level in the past 6 years. Because the world gold price decreased more sharply than the decrease of SJC gold price, the SJC gold price is 4 million VND/tael higher than the world gold price.

According to TBKTSG