Gold rush: SG Demand for gold up 16% to 4,021 tons YoY

A total of 3t was recorded in Q4 2021.

Singapore’s consumer demand for gold saw a 16% year-on-year increase, according to a study released by the World Gold Council.

The report, titled Gold Demand Trends report, attributed this to the domestic economy staying relatively open for most of the year. A total of 3 tons (t) was recorded in the fourth quarter (Q4) of 2021.

Jewellery consumption also followed with a 16% year-on-year (YoY) increase to 2t in Q4. Annual demand was seen at 7t, a 22% YoY increase from 2020’s 6t.

Annual retail investment in Lion City also echoed this increase with 4.5t, up from the 3.7t purchased in 2020. In particular, bar and coin demand increased by 15% y-o-y to 1.2t in the final quarter.

“We saw a significant year-on-year increase in demand for gold in Singapore, largely attributed to a rise in jewellery purchases with some tourism resuming in the country in H2. As local inflation is expected to continue its upward trend, we expect the strength in gold bar and coin demand to be sustained,” said Andrew Naylor, Regional CEO, APAC, World Gold Council.