Consumer demand for gold in South-east Asia strong due to uncertain global outlook

Consumers realised the importance of gold as a safe-haven asset, sending demand in Singapore through the roof. ST PHOTO: DESMOND WEE
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SINGAPORE - Consumer demand for gold in South-east Asia rose in the first half of the year, supported by lower prices, improved incomes, festival buying, and as a hedge on depreciating currencies, according to the World Gold Council (WGC).

In Singapore, consumer demand for gold increased by 43 per cent, from 2.7 tonnes in the second quarter of 2021 to 3.8 tonnes in the second quarter of this year.

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