Singapores Monetary Authority Third-largest Global Gold Purchaser In 9 Months Of 2023

SINGAPORE, (APP – UrduPoint / Pakistan Point News – 3rd Nov, 2023) — The Monetary Authority of Singapore (MAS) was the third-largest buyer of gold in the world for the first nine months of 2023, following the central banks of China and Poland, according to the World Gold Council (WGC).

The MAS bought four tons of gold on regulated gold exchanges in the third quarter of 2023, bringing its total purchases in 2023 to 75 tons, the council said in a recent report.

The WGC’s Q3 Gold Demand Trends report reveals that support for the asset continues as central banks’ buying maintains a historic pace, bringing quarterly gold demand to 1,147 tons, 8 percent ahead of its five-year average.

According to the WGC’s data series, central banks saw the third-strongest quarter of net buying, reaching 337 tons.

Although shy of breaking the Q3 2022 record, year-to-date demand has reached 800 tons, a new record for the WGC data series.