In the recently released report on gold demand trends, Thailand has become a major player for two consecutive quartersASEANThe country with the fastest growth in gold sales in the region.

According to the World Journal of Thailand, the World Gold Council recently released a report on the trend of gold demand in the third quarter of this year, stating that Thailand's gold consumption demand increased by 11% compared to the same period last year, reaching a historical high of 14.5 tons. This figure not only breaks the historical record of gold consumption in Thailand, but also proves the importance of gold in the hearts of the Thai people.

Mr. Fan Shaokai, the head of the Asia Pacific region (excluding China) of the World Gold Council, said that the rise of Thailand's gold buying boom is due to the joint promotion of multiple factors. Among them, the "Digital Wallet" plan launched by the Thai government at the end of the third quarter undoubtedly played a key role. The plan effectively stimulated the local economy by providing cash subsidies to the public, thereby driving up demand for precious metals such as gold. In addition, geopolitical tensions, domestic political and economic volatility, and the general market expectation of rising gold prices are also important factors driving the sustained growth of Thailand's gold sales.

stayASEANThailand is not the only country in the region that has shown a strong demand for gold. The report points out that countries such as Indonesia and Malaysia have also achieved double-digit year-on-year growth in gold demand. However, compared to these countries, Thailand's growth momentum is undoubtedly stronger and can be considered asASEANThe dominant consumer of gold in the region.

However, the continuous rise in gold prices has also brought considerable challenges to Thai consumers. As the price of gold continues to rise, some consumers are facing financial pressure when purchasing gold. Nevertheless, the demand for gold in Thailand remains strong, which shows the deep feelings and firm confidence of the Thai people in gold.

Although the central bank of Thailand's gold purchases slowed down in the third quarter, they did not have a significant impact on overall demand. This indicates that the dynamics of Thailand's gold market are not only regulated by official institutions, but also deeply influenced by the consumption habits and preferences of the general public.

With the sustained development of the Thai economy and the continuous improvement of people's living standards, the position of gold as a traditional means of wealth preservation is expected to be further consolidated. Meanwhile, with the continuous changes in the global political and economic landscape, the attractiveness of gold as a safe haven asset will continue to increase. Therefore, it can be foreseen that the Thai gold market will remain active in the coming period and continue to lead the wayASEANThe gold consumption trend in the region.