This surge outpaced gains in Singapore, Malaysia, and Indonesia, where growth ranged from 5% to 8%, while Vietnam saw a 15% decline.

Thailand posted the strongest growth in gold demand across Southeast Asia in Q1 2025, with a 17% year-on-year increase to 9.1 tonnes, according to the World Gold Council.
This surge outpaced gains in Singapore, Malaysia, and Indonesia, where growth ranged from 5% to 8%, while Vietnam saw a 15% decline.
Investor appetite for safe-haven assets was most evident in Thailand’s gold bar and coin market, which jumped 25% to 7.4 tonnes—driven by concerns over global trade tensions, recession fears, and geopolitical risks.
“This has been a bumpy start to the year for global markets,” said Louise Street, senior analyst at the World Gold Council. “Investment demand has pushed Q1 gold consumption to its highest level since 2016.”
Globally, gold demand—including OTC trades—rose 1% year-on-year to 1,206 tonnes, despite prices soaring past US$3,000 per ounce.
Singapore also saw a notable spike: gold bullion purchases there hit 2.5 tonnes, a 35% increase year-on-year—the biggest jump since 2010. Dealers report continued buying momentum even as gold prices surged to US$3,500.
Gregor Gregersen, founder of high-security vault The Reserve in Changi, said some ultra-wealthy clients have shifted from paper gold to physical holdings, with individual purchases reaching up to S$70 million. “They’d rather reduce risk by holding tangible assets,” he explained.
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