According to the report by the World Gold Council, Thailand’s gold bar and coin investment surged 22% year-on-year in the second quarter, reflecting ongoing weakness in the baht.
Meanwhile, consumer gold demand across Southeast Asia grew by 20% year-on-year. This contributed to a 4% increase in overall global gold demand from April to June.
Global gold demand rose by 4% to 1,258 tonnes, bolstered by robust over-the-counter transactions, which saw a significant 53% increase to 329 tonnes.
The quarter witnessed record-high gold prices, with the average reaching US$2,338 per ounce, an 18% increase, and peaking at $2,427/ounce.
Central banks have continued to increase their gold reserves, adding 183 tonnes globally, a 6% year-on-year increase.
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