Andrew Naylor, regional CEO, Asia Pacific (ex-China) of the council, said during an online press conference on Wednesday morning that due to the economic slowdown and uncertainty factors, gold remains a preferable alternative for Thai people. He said consumer demand for gold during the second quarter this year had already increased 14 per cent, from 7.5 tons in the same quarter last year to 8.5 tons this year. The council pointed out that the demand was supported by a 10 per cent year-on-year increase in demand for jewellery from 1.7 tons in the second quarter of 2021 to 1.9 tons in the second quarter of this year and a 15 per cent year-on-year increase in bar and coin demand. Jewellery consumption has been supported by the economic recovery, emergence from Covid restrictions and a rebound in tourism. “This is the sixth consecutive quarter that we’ve seen a year-on-year rise in jewellery consumption in Thailand, owing to lower gold prices as well as higher safe-haven demand for gold amid a weaker local currency and inflationary concerns," Naylor saidHowever, global jewellery fabrication outperformed consumption as demand remains well below pre-pandemic levels, he added.
