The country''s total demand for gold bars and coins was 26 tonnes in the first half of this year, the highest level since 2014, according to the report.
Demand for gold in Viet Nam fell by 12 per cent year-on-year in the first quarter to 17.2 tonnes, according to the latest Gold Demand Trends report from the World Gold Council.
Viet Nam was the strongest gold jewellery market in Asia, according to the World Gold Council’s report about gold demand trends in 2017 released on Tuesday.
Viet Nam ranks eighth among the countries in the world with the highest gold consumption in the first quarter of 2017, shows a recent report by the World Gold Council.
Viet Nam International Group (VNI Group) has received a US$1 million fund from a Singapore-based investment fund World Gold Investments PTE. LTD (World Gold).
Domestic gold prices are currently hovering at a low of VND35 million
per tael, in contrast with previous years when people used to flock to
jewellery stores ahead of Teat.
The price of gold at commercial banks declined sharply yesterday after
the State Bank of Viet Nam announced a commitment to stabilising the
gold and forex market.
Local gold prices increased by 0.2 per cent
yesterday to touch VND36.55 million per tael (US$1,732), driven by a strong
surge in world gold prices on Monday.
The State Bank of Viet Nam intends to keep up gold auctions to correct
imbalances in supply and demand in the domestic market, according to the
Head of the Foreign Exchange Department, Nguyen Quang Huy.