The World Gold Council’s latest report reveals that Singapore’s demand for gold bars and coins soared by 42% year-on-year to 3.5 tonnes in the first quarter of 2026, marking the highest quarterly demand on record. This surge occurred despite escalating gold prices, which have deterred jewellery purchases globally.
Globally, the demand for gold bars and coins increased by 42% to 474 tonnes, driven by retail investors seeking a safe haven amidst geopolitical tensions. In contrast, gold jewellery consumption in Singapore fell by 13% to 1.5 tonnes, aligning with a broader global trend as high prices discouraged consumer purchases. However, the value of jewellery demand rose, indicating a sustained willingness to invest in gold.
The report highlights that Asian markets, including China, India, South Korea, and Japan, experienced significant increases in bar and coin purchases, contributing to a structural shift in gold demand. Central banks also bolstered global reserves by adding 244 tonnes in the first quarter, underscoring gold’s role as a strategic asset during market volatility.
Shaokai Fan, Head of Asia-Pacific (ex-China) and Global Head of Central Banks at the World Gold Council, noted, “Q1 2026 saw investors across the Asia-Pacific region lead the charge in global gold demand.” He emphasised the strong investment momentum in Singapore and Southeast Asia, driven by geopolitical uncertainty and trade risks.
Looking ahead, the World Gold Council anticipates that geopolitical risks will continue to support gold demand, with central banks expected to maintain net buying. However, high interest rates may pose challenges, particularly in Western markets.
