SINGAPORE — Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council.
Singapore's proximity to these central banks, which are actively snapping up gold, is another factor, he added.
"The center of gravity of the gold market has shifted east, with Singapore, fortuitously placed as the potential fulcrum of this new balance," Fan said at the Asia Pacific Precious Metals Conference held in Singapore.
China is the world's largest gold consumer, and its central bank is the largest buyer of bullion as the country seeks to boost its gold reserves.
Among central banks, the People's Bank of China was the largest buyer of gold in 2023.
Persons:
Shaokai Fan, fortuitously, Fan
Organizations:
World Gold, Asia, Precious Metals Conference, People's Bank of
Locations:
SINGAPORE — Singapore, Asia, Pacific, Singapore, Singapore . China, People's Bank of China