# Thailand leads Asia in demand for gold

- Link: https://www.thailand-business-news.com/markets/commodities/156763-thailand-leads-asia-in-demand-for-gold
- Published: 2024-08-16T09:21:00+07:00
- Author: Aishwarya Gupta

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.

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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.

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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.