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WGC, Singapore Bullion Market Association looking to create an Asian gold hub

WGC and the Singapore Bullion Market Association announced they are working with local stakeholders to explore developing the city-state’s role in the global gold market.

“The rapid rise of Asia as the largest source of gold buying has moved the centre of gravity of the market, and this has created an opportunity for an international gold hub in Asia,” Chen Qinghan, Central Banks and Public Policy Lead at the WGC wrote in the announcement.

In an interview with CNBC, Shaokai Fan, head of Asia-Pacific and global head of central banks, said that Singapore is poised to become a future leader in the gold market as Asian central banks see a growing need for an official gold reserve center.

Fan added that he could see a Singapore gold market rivaling other international hubs like London and New York.

The move comes as the WGC has seen a significant rise in bullion demand across Asia as consumers look to protect their wealth and purchasing power.

At the same time, Asian demand is being led by insatiable demand in China from both retail consumers and the central bank. Although the PBOC didn’t announce any increase in its gold reserves last month, it had bought gold for 18 consecutive months, which was its longest shopping spree on record.

Looking at Singapore’s gold reserves, the Monetary Authority of Singapore is the sixth biggest gold buyer so far this year. It is also the only developed market central bank to increase its gold reserves.

SOURCE: Kitco Media

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