Singapore leads ASEAN gold demand as prices soar

Singapore investors led gold demand growth in ASEAN, purchasing 6.5 tonnes of gold bars and coins in 2024, up 22% from 2023, the World Gold Council (WGC) said. Malaysia and Indonesia also saw increases, with investors buying 6.4 tonnes (+21%) and 24.5 tonnes (+19%), respectively. Thailand, the region’s top gold market, saw a 17% rise to 39.8 tonnes. WGC attributed the surge to local currency fluctuations, making gold an attractive hedge. While demand for physical gold grew in Asia, Western investors showed less interest. India bought 239.4 tonnes (+29%), while Greater China purchased 345.7 tonnes (+20%). In contrast, American investors’ demand dropped 31% to 87.8 tonnes, and European demand fell by half to 66.6 tonnes. Global gold bar and coin investment remained stable at 1,186.3 tonnes.