Investor appetite for gold remains strong in Q1
In contrast, jewellery consumption saw a 20% YoY decrease to 1.7t.
Strong investor demand saw Singapore's first quarter’s gold bar and coin purchases rise 35% year-on-year (YoY), reaching a record 2.5 tonnes (t), according to a Cognito report.
In contrast, jewellery consumption saw a 20% YoY decrease to 1.7t as record price levels for gold impacted affordability.
Despite selling 3t of gold during the period, the Monetary Authority of Singapore maintained its total gold holdings at 220t.