“Gold reserves at MAS now total 222 tonnes, 45% higher than at the end of 2022,” says Fan.
The Monetary Authority of Singapore (MAS) was the largest single buyer during the first quarter of the year, according to the World Gold Council’s (WGC) latest Gold Demand Trends report.
WGC head of Asia Pacific (ex-China) and global head of central banks Shaokai Fan says the addition of 69 tonnes — the first increase in the central bank’s gold reserves since June 2021 — confirms that buying in the first quarter was not only the domain of emerging market central banks.
