“Rising Gold Investment Demand in ASEAN Fueled by Economic Uncertainty and Currency Depreciation” said in the World Gold Council report for 2Q. Gold demand among the ASEAN countries that we monitor individually in Gold Demand Trends remained positive: all saw y/y gains, fuelled in part by currency depreciation.
Investors in Vietnam continued to seek refuge in gold to combat rising inflation, a weaker local currency and the poor performance of the local equity and real estate markets. Bar and coin demand jumped 30% y/y to 12t as a result. Total demand for H1 of 26t was the highest since 2014.
Bar and coin investment in Thailand saw 22% y/y growth to 7t. Investors continued to seek refuge in gold amid continued weakness in the local currency and concerns over economic and political stability. Online platforms for gold investment have gained in popularity, although so far, they have not had a material impact in terms of cannibalising bar and coin demand.
The continued erosion of value in the rupiah further encouraged investors to seek protection against currency devaluation. Looking at the Rest of Asia Investment front, the World Gold Council said, Remarkably, Japanese bar and coin investment was positive in Q2, despite the stellar price performance.
Demand of 1.9t during the quarter more than outweighed the 1t of net disinvestment seen in Q1. The y/y comparison was negative, however, as Q2’23 saw a strong positive response to the local price, reaching record highs at that time.
South Korean investors generated another strong quarter of growth in bar and coin demand, up 14% to 4t. That generated an H1 total of 9t, the highest since 2021 as the record price encouraged expectations of further strength.
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