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Gold rush: MAS leads central banks in precious metal buys in Q1

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Anita Gabriel

Anita Gabriel

Published Thu, May 11, 2023 · 02:05 PM
    • Gold has broken through the US$2,000 per ounce mark this year as surging inflation, concerns over banking collapses in the US and Europe, plus geopolitical tensions saw investors flock to the safe-haven asset.
    • Gold has broken through the US$2,000 per ounce mark this year as surging inflation, concerns over banking collapses in the US and Europe, plus geopolitical tensions saw investors flock to the safe-haven asset. PHOTO: PIXABAY

    THE rush for gold – a strategic hedge against inflation – in the first three months of the year saw the Monetary Authority of Singapore (MAS) leading the pack of central banks in the world as the top buyer of the yellow metal, according to recent data.

    “The Monetary Authority of Singapore was the largest single buyer during the quarter. The addition of 69 tonnes, the first increase in its gold reserves since June 2021, confirms that buying in Q1 was not only the domain of emerging market central banks,” stated a recent report by Gold Hub, part of the World Gold Council.

    Gold reserves at MAS now total 222 tonnes – a 45 per cent increase from end-2022, the report added.

    GoldMonetary Authority of Singapore

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