Singapore is set to become a leading gold hub as trading shifts east, said the World Gold Council's Head of Asia-Pacific and Global Head of Central Banks, Shaokai Fan.
This is on top of the rise in gold consumption from major emerging market economies, a majority of which are concentrated in Asia.One key reason is that gold consumption in major emerging economies is rising, and a majority of these markets are concentrated in Asia, said Shaokai Fan, head of Asia-Pacific and global head of central banks.
"The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance," Fan said at the Asia Pacific Precious Metals Conference held in Singapore.
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