The Monetary Authority of Singapore (MAS) ranked as the third-largest global gold purchaser in the first three quarters of 2023, following the People’s Bank of China and Poland's National Bank, Narodowy Bank Polski, according to the World Gold Council (WGC). MAS acquired an additional four metric tonnes in Q3, totaling 75 tonnes for the year. Shaokai Fan from WGC highlighted the protective layers this adds to Singapore's economy and currency. Despite a decline in Singapore's consumer gold demand, the global trend shows a strong year for gold in 2023, driven by geopolitical tensions and the appeal of safe-haven assets, with prices recently exceeding USD2,000 per ounce. This move is part of a broader trend, with central banks worldwide increasing their gold reserves for diversification and stability.
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