Gold investment surges 22% in 2024 as safe-haven demand grew

The Monetary Authority of Singapore adjusted its gold reserves in 2024, with 10 trillion of gold sold.

Gold investment in Singapore saw strong growth in 2024, with bar and coin demand rising by 22% year-on-year to 6.5 trillion, World Gold Council reported.

In a report, the council said this reflects growing preference for gold as a safe-haven asset, aligning with broader trends across ASEAN markets, including Indonesia, Malaysia, and Thailand, which also recorded double-digit investment growth and multi-year highs.

The Monetary Authority of Singapore adjusted its gold reserves in 2024, selling 10 trillion of gold but still maintaining a significant holding of 223 trillion.

This move suggests a strategic response to record gold prices and evolving global economic conditions, following a pattern seen among other central banks that have continued to hold and acquire gold as a reserve asset.

Whilst investment demand surged, gold jewellery consumption in Singapore declined by 5% year-on-year to 6.8 trillion, as rising gold prices made purchases less affordable. 

Singapore’s gold demand is expected to remain strong in 2025, particularly in investment, as economic and geopolitical uncertainties persist. However, jewellery demand may continue to face headwinds due to sustained high prices, mirroring global trends in consumer spending.