Central banks continue to pile up their gold inventory despite elevated prices. Major Asian economies continue to see gold as a reliable alternative to currencies, especially, in the current uncertain and volatile world.
The Monetary Authority of Singapore purchased 17.3 tonnes of gold in March 2023. The Southeast Asia financial hub purchased a total of 68.7 tonnes of gold in the first quarter of 2023. The current total gold reserve of Singapore is estimated to be 222.4 tonnes.
People’s Bank of China bought 18 tonnes of gold in March 2023 while India also made a 3.5 tonne purchase during the same period. According to the World Gold Council, the current gold reserves of China and India stand at 2068 tonnes and 794.6 tonnes respectively.