Singapore adds 45 tonnes of gold reserves

Singapore bought 45 tonnes of gold in January, boosting their official gold reserves to 198.4 tonnes. It was the largest monthly purchase of gold ever by Singapore's central bank and the first since June 2021. Then it bought land 26 tons of gold bee. The total supply represents a value of more than $11 billion at the current price of gold, accounting for about 4% of the country's total reserves.

Singapore is considered a major player in the global gold market. The country has a lively trade in gold, attracting many investors looking for physical gold, gold contracts, and other financial instruments linked to gold. It is also a popular place to store precious metals, just like Switzerland, for example. Singapore has a number of important storage facilities, where foreign governments, central banks, institutions, and individuals can store their gold.

Tip: You can also store your precious metal safely in Singapore via Holland Gold Safe. Click here for more information.

Central banks continue to buy gold

Singapore was the largest official buyer of gold in January, pushing Turkey into second place. Turkey bought 23 tonnes of gold, the other buyers in the month of January were China with 16 tonnes and Kazakhstan with 4 tonnes. Following the purchase, the World Gold Council revised its estimates of global net purchases to 77 tonnes in January.

Earlier, the World Gold Council came to a total of 31 tons, which we already wrote an article about last week. Published. The graph below shows the new situation, which includes Singapore's gold purchase. Last year, central banks bought a Record quantity of 1,136 tonnes of gold, driven by geopolitical uncertainty and high inflation.

Central banks bought more gold in January than previously thought (Source: World Gold Council)