The Gold Demand Demand Q1/2025 report from the world Gold Council (WGC) shows that the total quarterly gold demand (including the over -the -counter market – OTC) was 1,206 tonnes, up 1 % over a year in the Record Gold price context, exceeding the threshold of 3,000 USD/OCE.
A rebound in the funds negotiated on the stock market (ETF) on gold has made more than double the total investment demand to reach 552 tonnes, an increase of 170 % over a year and the highest level in the first quarter of 2022. ETF entries have accelerated on a global scale, totaling the equivalent of 226 tonnes in the first quarter, the price increase and the price uncertainty investors to gold as a refuge value.
Central banks are now entering their 16th consecutive year of net purchases, adding 244 tonnes to the world’s first quarter in a context of persistent global uncertainty. Although this level of gold demand is 21 % lower than that of the same period last year, it still shows high demand, the purchase activity remaining stable in the average quarterly level in the last three years.
Gold prices remain unpredictable.
“Faced with the rise in economic and geopolitical risks, the demand for gold should increase in the investment channels such as the funds negotiated on the stock market (ETF) and the over -the -counter (OTC) markets, while the ingots and the gold coins should remain attractive. On the other hand, the demand for gold jewelry should remain low due to the rise in gold prices, “said Shaokai Fan, regional director for Asia-Pacific (excluding China) and a global manager of central banks at the World Gold Council.
The total demand for ingots and gold coins increased by 3 % in annual sliding to remain high at 325 tonnes in the first quarter, driven by a high retail investment activity in China, which recorded the second highest gold retail request ever recorded in the first quarter. Eastern investors have played a key role in stimulating a large part of the global demand for ingots and gold coins, thus compensating for the decline in the West, the demand for American gold having dropped 22 % in annual shift. Europe experienced a slight resumption of gold demand, reaching 12 tonnes in the first quarter, but this figure is up compared to a very low starting point at the same period last year.
Overall, the demand for investment in ingots and gold coins increased more strongly than the same period last year on the ASEAN markets. Vietnam is an exception, however, with a request for investment in gold down 15 % compared to the same period last year due to a limited supply of gold products, pushing the price difference of gold at a high level.
It is not surprising that the demand for gold jewelry was negatively affected when gold prices reached 20 records in the first quarter. The volume of gold jewelry exchanges has fallen at its lowest level since the start of the covid pandemic in 2020. Despite enormous pressure on prices, the gold jewelry market has remained stable, especially in terms of value. In the first quarter, gold jewelry consumption expenses increased by 9 % over a year to reach $ 35 billion, excluding China.
The ASEAN markets have followed the global trend, the demand for gold jewelry that has dropped due to the record prices of gold. Although Vietnam has recorded a 5 % increase in gold jewelry consumption compared to the fourth quarter of 2024, the demand for gold jewelry still decreased by 15 % compared to the same period last year due to the high gold prices.
The total gold offer in the first quarter remained relatively stable compared to the previous year, at 1,206 tonnes, the record production of gold mines in the first quarter having compensated for a slight drop in recycled gold. Gold demand in the technological sector has also remained unchanged at 80 tonnes compared to T1/2024.
Louise Street, main market analyst at the World Gold Council, said: “World markets have experienced a volatile start to the year, commercial uncertainty, unpredictable political ads from the United States, persistent geopolitical tensions and fears of a return to recession having created an uncertain environment for investors. In this context, the gold demand for investment purposes has contributed to propeling demand in the first quarter to its highest level since 2016. ”
Investors have returned to the gold ETFs in the past ten months, increasing their allowances since the third quarter of last year. In April, incoming flows to ETFs from Asia exceeded the total flow of the first quarter. However, there is still a growth margin, global gold assets being now 10 % lower than their heights of 2020.
In the future, the global economic situation remains difficult to predict and this uncertainty could increase the prices of gold. While the volatility period continues, the golden demand as an active refuge on the part of institutions, individuals and the official sector could increase in the coming months.
Phan Minh
Source : https://doanhnghiepvn.vn/kinh-te/kinh-doanh/gia-vang-sap-toi-se-dien-bien-ra-sao/20250505095226177
