Inflation drives Asian central banks, including S’pore, to build up gold reserves

SINGAPORE - Gold purchases by the Monetary Authority of Singapore (MAS) and other central banks in Asia have stepped up over recent years amid inflationary pressures and geopolitical uncertainty.

China, Thailand and Singapore led the way in bullion buying between 2013 and 2022, noted World Gold Council data collated by

City Index

. Gold is generally regarded as a good hedge against inflation and a safe haven asset during times of uncertainty.