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.
China is the world's largest gold consumer, and its central bank is the largest buyer of bullion as the country seeks to boost its gold reserves.strongest first quarter gold jewelry demand since 2019The need to source for an official gold reserve center has become a growing concern for central bankers around the world, especially against the backdrop of a volatile geopolitical climate, Fan said.