Singapore’s demand for gold bars and coins rose 6% year-on-year in the second quarter, one of the slowest growth rates in Southeast Asia.
The city-state bought 2.3 tonnes in investment gold in the period, having purchased 3.5 tonnes in the first quarter, according to the World Gold Council.
Singapore’s demand growth was slower than that of Indonesia (40%), Malaysia (28%) and Thailand (10%) and only higher than Vietnam, which posted a decline of 31%.
In the first half this year Singaporeans bought 5.8 tonnes of gold, lowest among five countries with available data in Southeast Asia.
In comparison, Indonesians bought 38.1 tonnes, followed by Thailand (20.9 tonnes), Vietnam (15.6 tonnes) and Malaysia (6.3 tonnes).
The slower expansion rate of Singapore’s investment gold market came after the country bought a historic record volume of 9.6 tonnes last year, up 48% from 2024.
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Gold coins and bars are displayed on the window showcase of a shop in Singapore on Feb. 9, 2012. Photo by AFP |
Southeast Asia saw gold bar and coin sales reaching 36.7 tonnes in the second quarter, up 7.6% year-on-year.
Global demand for bars and coins for the second quarter dropped 3% to 307.1 tonnes.
Central bank net gold demand reached over 289 tonnes, a record high for a second quarter. The increase was supported by continued accumulation from Poland and China.