Wednesday, 10th January 2007 (3230 views)

The increasing popularity of gold jewellery is helping to push up demand for gold in Vietnam, according to the Vietnam Gold Traders Association.

Indeed the country's demand for gold has risen significantly compared to last year, with some 60 tonnes set to be consumed in 2007

This is up from the 50 tonnes in 2006 and represents a 20 per cent increase in demand for the precious metal from Vietnamese consumers.

This increase is thought to be driven by higher demand for gold jewellery as Vietnam enters the wedding season and sales increase.

In December a leading Vietnamese jeweller announced record profits for 2006 of $1 billion, an increase of some 296 per cent on the year before.

As a result of higher demand the price of gold and gold jewellery has also increased, with the Vietnam Gold Traders Association expecting the country's market to remain buoyant this year.

This will partly be down to the high price of gold on the global market, which is likely to reach $700 per ounce in 2007.

 

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