Gold demand in Singapore jumps 48% to record 9.6 tonnes in 2025

[SINGAPORE] Investors in Singapore seeking safe-haven assets and portfolio diversification piled into gold in 2025, with demand rising 48 per cent year on year to 9.6 tonnes – the highest level on record.

This comes as global investment demand climbed 84 per cent to 2,175.3 tonnes in 2025, from 1,185.4 tonnes in 2024, based on data from the World Gold Council’s (WGC) Gold Demand Trends report for 2025.

The growth in Singapore – the fastest among South-east Asian countries – was buoyed by geopolitical risks and the gold price rally, among other factors, said the report on Thursday (Jan 29).

In the rest of the region, demand for bullion in Malaysia increased 37 per cent year on year to 10.3 tonnes. Both Indonesia and Thailand logged a 29 per cent increase in demand to 31.6 tonnes and 51.4 tonnes, respectively.

Meanwhile, Vietnam bucked the trend as its gold investment demand declined 14 per cent year on year, falling to 36.1 tonnes – its lowest level since 2022.

In Asia, demand for bars and coins grew fastest in South Korea, rising 54 per cent to 29.8 tonnes. Japan was the runner-up with a 52 per cent increase to four tonnes.

Fan Shaokai, head of Asia-Pacific (excluding China) and global head of central banks at the WGC, remarked that Singapore’s robust demand for gold investment products such as bars and coins mirrors a broader global trend. “Looking ahead, we expect investment demand to remain strong, underpinned by an unpredictable geopolitical backdrop, softer growth expectations and accommodative policy settings,” said Fan.

He noted that total gold demand in 2025 rose to a 12-year high, surpassing 5,000 tonnes for the first time, even as prices notched 53 new all-time highs over the year.

The WGC’s measure of total gold demand tracks the metal’s use across jewellery, technology, central bank reserves and private investments.

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Beyond bullion, assets under management (AUM) in physically backed gold exchange-traded funds (ETFs) increased 25 per cent or 801.2 tonnes year on year.

Collective holdings in Asia for physically backed gold ETFs accounted for the fastest increase in demand, rising 97 per cent year on year. These funds saw US$25 billion in inflows as the investor base broadened across the region, said the report.

Concurrently, gold-backed ETF AUM in North America rose 27 per cent, while those in Europe saw a 10 per cent increase.

Softer jewellery demand

Amid gold’s breakneck rally, global jewellery demand softened as expected throughout the year, declining 18 per cent compared with that in 2024, noted the report. 

Gold jewellery consumption in Singapore fell 13 per cent year on year, marking its second-lowest annual level on record, as surging prices dented consumers’ affordability, the report said.

It, however, added that the total value of gold jewellery demand increased 18 per cent year on year to US$172 billion, reflecting that interest in gold among consumers remains elevated.

Total supply also reached a new record, as mine production rose to 3,672 tonnes and recycling increased by 3 per cent.

Continued central-bank buying

Meanwhile, the report said that central-bank demand remained elevated in 2025, with the official sector adding 863 tonnes of gold. While annual demand was below the 1,000 tonne-mark surpassed in the previous three years, central-bank buying remained a prominent factor in the global gold demand picture, it added.

The National Bank of Poland topped global gold purchases in 2025. The Monetary Authority of Singapore sold 15 tonnes, bringing its total holdings of the precious metal to 205 tonnes.

“With economic and geopolitical instability showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist,” said Louise Street, senior markets analyst from the WGC.