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.
