Reported about 1 year ago
According to the World Gold Council (WGC), Singapore is expected to become a global gold trading hub as the gold market shifts eastward due to the high demand for gold in Asia, with many gold-consuming countries in the region. The proximity of Singapore to these central banks actively acquiring gold is a significant factor. With China being the world's largest gold consumer and actively increasing gold reserves, the focus of the gold market has moved eastward, making Singapore a potential hub of this new balance. Japan and South Korea also show increased gold demand, and Singapore's close proximity to major gold mining suppliers further solidifies its position as a gold trading center. The establishment of an official gold reserve center in the midst of geopolitical turmoil has become a growing concern for central bank governors, with Singapore possibly becoming a new gold storage center similar to London and New York, owing to factors like political stability and the abolishment of sales tax on investment gold in the country.
Source: YAHOO