Singapore investor demand for gold hits record high in 2025
SINGAPORE – Gold investment demand in Singapore surged to an all-time high in 2025 despite record prices, the World Gold Council said in its flagship report.
Demand here for gold investment products such as gold bars and gold coins was robust, supported by rising global geopolitical and trade risks as well as
the gold price rally,
the report said.
The demand jumped 48 per cent to 9.6 tonnes in 2025 from 2024, despite record high prices.
Mr Shaokai Fan, head of Asia-Pacific (ex-China) and global head of central banks at the World Gold Council, said gold prices have gained strong momentum and reached record highs amid investor repositioning, persistent geopolitical uncertainty and sustained demand for portfolio resilience.
“We believe gold’s safe-haven and diversification attributes will continue to attract investor interest as we move into 2026,” he said.
Looking ahead, gold investment demand is expected to remain strong, underpinned by an unpredictable geopolitical backdrop, softer growth expectations and accommodative policy settings.
However, gold jewellery consumption in Singapore fell 13 per cent in 2025 from 2024, marking its second-lowest annual level on record as the strong gold price rally dented affordability for consumers.
In 2025, the Monetary Authority of Singapore (MAS) sold 15 tonnes of gold, bringing its total gold holdings down to 205 tonnes, the report said.
Globally, gold demand hit a new high of 5,002 tonnes in 2025, propelling the annual value to US$555 billion (S$701 billion).
Global investment demand for gold reached a landmark level of 2,175 tonnes and was the main driver behind gold’s remarkable and record-breaking year, the report said.
Across the world, investors seeking safe haven assets and diversification piled into gold exchange-traded funds, adding 801 tonnes in 2025.
Asian funds took second place in terms of demand in 2025, posting a 97 per cent year-on-year rise in collective holdings. These funds saw US$25 billion worth of inflows – adding 215 tonnes – in the year as the investor base broadened across the region.
Global bar and coin demand reached 1,374 tonnes, or US$154 billion, with China and India the two major markets.
China’s demand for gold bars and coins jumped 28 per cent in 2025 from 2024, while India’s grew 17 per cent over the same period. The two markets made up more than half of the demand for gold bars and coins.
Elsewhere, investment demand for gold rose to multi-year highs in Indonesia, Malaysia and Thailand, with each recording double-digit growth in 2025 from 2024.
In contrast, Vietnam’s gold investment demand declined 14 per cent in 2025 from 2024, falling to its lowest level since 2022.
Demand from central banks remained high in 2025, adding 863 tonnes of gold.
The report said that while the annual demand from central banks was below the 1,000-tonne mark surpassed in the previous three years, their buying remained a prominent and additive factor in the global gold demand.
Like Singapore, jewellery demand globally softened along with affordability in 2025, falling 18 per cent from 2024.
But the total value of gold jewellery demand rose 18 per cent over the same period to US$172 billion, showing that gold remains highly valued by consumers despite soaring prices.
Total gold supply reached a new record, as mine production rose to 3,672 tonnes.
Ms Louise Street, senior markets analyst from the World Gold Council, expects the strong demand for gold to persist in 2026 as economic and geopolitical instability show little sign of retreat.
Jewellery demand is expected to remain weak in a persistently high price environment.
In the first month of 2026, gold has already pushed past US$5,000 per ounce for the first time, underscoring gold’s role as a safe haven in uncertain times, Ms Street said.
In a separate report, Mr Matt Bance, solutions strategist and portfolio manager on the multi-asset solutions team at T. Rowe Price, a global investment management firm, continues to favour gold despite record prices.
He said gold’s record performance reflects “the intersection of geopolitical risk, inflation uncertainty, and institutional credibility concerns”, reinforcing its role as a strategic hedge rather than a cyclical trade.
Mr Nigel Green, chief executive officer of financial advisory firm deVere Group, said gold’s continued rally reflects demand for assets that sit outside political systems.
Unlike currencies and sovereign bonds, gold carries no counterparty or fiscal risk, making it a preferred hedge when investors question policy credibility.
He said: “Gold is moving from a tail-risk hedge to a core macro asset. Central banks have been accumulating gold at record levels, and private investors are following.
“This is part of a broader transition towards a multipolar reserve framework.”
Mr Afdhal Rahman, executive director of wealth advisory at OCBC, is also positive on the outlook for gold but warned investors not to get carried away amid the euphoria as gold price is “extremely overbought” and vulnerable to near-term pullbacks.
Investors should stay in the market but remain disciplined – keep a strategic 5 per cent allocation to the bullion and invest gradually, instead of jumping in during sharp rallies.
OCBC has revised its gold forecasts higher to US$5,600 per ounce by end-2026, from US$4,800 previously, to reflect the recent sharp rally and the persistence of structural demand.