According to the World Gold Council, Singapore is poised to become a leading gold hub as the center of gold trading shifts eastward. Rising gold consumption in major emerging Asian economies and the active gold purchases by central banks in the region are key factors. Singapore’s proximity to these banks and gold mining centers strengthens its position.
China, the largest gold consumer and buyer, has significantly boosted its gold reserves. Japan and South Korea have also shown strong demand for gold. The need for a stable gold reserve center amidst geopolitical volatility highlights Singapore as a viable alternative to London and New York.
Singapore’s political stability, the removal of sales tax on investment gold, and the establishment of good delivery refineries have enhanced its appeal as a gold trading hub. The exemption of the Goods and Services Tax on investment-grade precious metals since 2012 further bolsters Singapore’s status in the bullion market.
