Vietnam's gold demand slumps in Q3: report

The gold demand in Vietnam slumped significantly in the third quarter of this year as the sharp price rises deterred fresh buying, according to a research report about the third quarter (Q3) gold demand trends, which was recently published by the World Gold Council.

The demand for jewellery in Vietnam was at 2.6 tons, a year-on-year drop of 13 percent, while demand for bar and coin fell 33 percent to 7.9 tons, said the report, cited by Vietnam News Agency.

In Vietnam, currency depreciation exacerbated the rise in international gold prices, helping to explain the larger decline in demand, according to World Gold Council.

The price of gold ring in Vietnam fell by 200,000 Vietnamese dong (7.9 U.S. dollars) to 450,000 dong (17.8 dollars) per tael on Monday morning after it had kept making new records over the past weeks.

Each tael of gold ring was sold by the Saigon Jewelry Company at 87 million dong (3,441 dollars) for sellers and 88.5 million dong (3,500 dollars) for buyers on Monday, local media reported.

Meanwhile, the gold bar was sold at 87 million dong per tael for sellers and 89 million dong (3,520 dollars) per tael for buyers. 

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