Retail buying of gold shines

DESPITE concerns about the outlook for gold, retail buying of the shiny metal remained robust amid the Christmas holiday season, United Overseas Bank (UOB) said.

UOB, the only local bank that offers physical gold to retail customers, experienced a 15 per cent increase in purchases of gold over the Dec 20 to 26 week compared with the week before.

On a year-on-year basis, transactions were 25 per cent higher.