The Monetary Authority of Singapore (MAS) and other central banks in Asia have increased their gold purchases amid inflationary pressures and geopolitical uncertainty. According to World Gold Council data collated by City Index, China, Thailand, and Singapore led in bullion buying between 2013 and 2022. Singapore recorded the third-largest increase in gold reserves among Asian economies over the past decade, with holdings increasing by 21% from 127.4 tonnes at the end of 2013 to 153.74 tonnes by late 2022. This trend continued into 2023, with Singapore's gold reserves reaching 225.36 tonnes in the second quarter. China, however, was the biggest buyer over the past decade, increasing its reserves by 91% from 1,054.09 tonnes to 2,010.51 tonnes by the end of 2022. While Asian economies like China and Singapore have been actively accumulating gold, Western developed nations still hold the biggest reserves.
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