Singapore is set to usurp London and New York as the world’s gold hub as the yellow metal shifts from West to East.
According to the World Gold Council head of Asia-Pacific and global head of central banks Shaokai Fan, the “center of gravity” of the gold market has shifted to the East. Gold consumption by emerging market economies is rapidly rising and the majority are concentrated in Asia. Singapore ’s proximity to this growing market sets the city up to become the “fulcrum of this new balance.
Demand for gold coins and bars surged 27 percent in China during the first quarter despite record-high prices in yuan terms. China is dealing with high price inflation and a deteriorating real estate market. Trade tensions have also made Chinese investors wary. China consistently ranks as the world’s leading gold consumer, but surging demand isn’t isolated to that country.
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