The demand for gold in Asia is on the rise, despite the high prices, as buyers look to protect themselves against geopolitical and economic uncertainties. In Japan, there is a prevailing positive sentiment towards gold. Chinese investors, grappling with currency devaluation, a slowing real estate market, and trade tensions, have seen a 27% increase in gold purchases in the first quarter. In Thailand and Vietnam, retail investors are actively buying gold. On the other hand, demand in India and Australia is being impacted by the high prices, with Indian gold prices trading at a discount and a notable decrease in gold sales at Perth Mint in May. Albert Cheng, the CEO of the Singapore Bullion Market Association, stated to Reuters: “The prevailing trend in the market is that if consumers want to buy gold, they will, regardless of the price.”
