Singapore’s gold investment leaps 47% in Q3; global demand hits record high

[SINGAPORE] Strong investor appetite in Singapore, which resulted in a 47 per cent year-on-year jump in demand to 1.8 tonnes for gold bars and coins, mirrored a global rush for the metal that pushed total gold demand to its highest quarter on record. 

According to a Q3 gold demands trend report released by the World Gold Council (WGC) on Thursday (Oct 30), total gold demand, including over-the-counter (OTC) trades, grew 3 per cent year on year to 1,313 tonnes, the highest quarterly total in the WGC data series.

In value terms, this demand jumped 44 per cent year on year to a record US$146 billion.

But while the 1.8 tonnes of investment in Singapore represents a 47 per cent year-on-year rise, the amount is below the prior quarter’s 2.2 tonnes, and is the lowest recorded figure since Q3 last year. 

Across the region, investment demand rose sharply in Indonesia, Malaysia and Thailand, all of which recorded double-digit increases on-year. Globally, total bar and coin investment rose 17 per cent year on year to total 316 tonnes.

Indian investors led the way with nearly 92 tonnes in demand, followed by investors from Greater China, with almost 77 tonnes. 

Shaokai Fan, the head of Asia-Pacific (ex-China) and global head of central banks at the World Gold Council, said: “With the record high level of gold demand and prices in Q3 2025, we expect gold demand to remain strong, with continued acceleration of gold ETF (exchange-traded fund) accumulation as well as in bar and coin.”

He adds that in Singapore, the demand is reflective of the global trend, where growth is being fuelled by the flight to safe-haven flows amid the ongoing geopolitical turbulence and US dollar weakness. 

Meanwhile, investors continued to pile into physically backed gold ETFs for a third consecutive quarter, adding another 222 tonnes, with global inflows reaching US$26 billion. Asia had an eighth consecutive quarter of growth in gold-backed ETF demand during the quarter, when holdings increased by 200 tonnes to 334 tonnes.

Despite the record-high gold price, central banks picked up the pace in Q3, with net purchases totalling 220 tonnes in the third quarter, up 28 per cent on Q2 and 10 per cent year on year.

Fan said: “We anticipate that central banks will continue their buying streak, supported by a forecasted growth in major emerging-market countries’ FX reserves and previously dormant banks becoming active. Under the shifting market dynamics, gold continues to hold its lustre as a resilient option for a growing pool of investors looking to diversify.”

Overall, total gold demand reached 1,313.1 tonnes, including over-the-counter transactions, a 3 per cent year-on-year rise.

Meanwhile, local gold jewellery consumption slumped 8 per cent on year to 1.4 tonnes. Global jewellery demand also fell, by 19 per cent year on year to 371.3 tonnes. This marked the sixth consecutive quarter of double-digit year-on-year declines for the sector.

Despite the fall in volume, the value of jewellery consumption was 13 per cent higher year on year, at US$41 billion, as consumers were forced to spend more to acquire less gold. The record gold price environment was the primary reason for the decline, simply due to affordability, the report read.