Singapore consumers go for gold amid rising inflation

Jewellery chains and online platforms that allow consumers to buy physical gold said demand has increased in recent months as customers seek an inflation hedge. ST PHOTO: GAVIN FOO
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SINGAPORE – Investors looking for a hedge against inflation are turning to gold, although prices of the precious metal have fallen this year as overall demand declines.

Consumer demand here – comprising jewellery, bars and coins – surged 58 per cent year on year to 3.3 tonnes in the third quarter, up from 41 per cent growth in the second quarter and 18 per cent in the first, said the World Gold Council.

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