SINGAPORE: Central banks and asset managers globally have profited from gold’s meteoric rise in recent months, while middle-aged Chinese and Indian women have emerged as some of the biggest beneficiaries of the rally.
Chinese women are buying and driving up prices of gold bars and coins, accounting for a third of the purchases globally, said a Julius Baer report on Women And Wealth. They bought 432 tonnes of gold bars and coins in 2025, up 28 per cent from 2024.
Their robust appetite has been fuelled by a lack of attractive alternatives at home, with China’s property sector languishing, stock markets turning more volatile and low bank deposit rates eroding the value of cash, the report said.
The growing ease of buying gold exchange-traded funds (ETFs), jewellery and other luxury items on platforms such as WeChat and Alipay has improved access, lifting gold ETF inflows in China to a record high in 2025.
Across the Indian subcontinent, Indian women have long held gold as a store of generational wealth.
Indian households own an estimated 34,600 tonnes of gold. That is equivalent to the weight of more than 6,000 elephants. Close to 80 per cent of that is held by women.
Collectively, Indian women own almost 28,000 tonnes, which amount to 16 per cent of the world’s overall gold reserves.
The value of this hoard is more than the gold reserves of the central banks with the 10 largest holdings and the International Monetary Fund combined, said Jen-Ai Chua, equity research analyst for Asia at Julius Baer.
Accumulated over generations as dowry, savings and status – instead of a deliberate investment strategy timed to profit from market volatility – their stock of household gold, mostly jewellery, has seen its notional value surge in tandem with record bullion prices, quietly minting millions in additional household wealth.
In Britain, the Royal Mint, official maker of British coins, reported a significant rise in female investors buying gold and silver. Women made up 26 per cent of its investor base in 2024, tripling from eight per cent in 2018, as more looked to precious metals to manage their investment risk.
“Gold appeals strongly to women investors because it offers stability, diversification and protection during periods of market uncertainty – qualities that align well with the typically more conservative investment style many women prefer,” said Christopher Irwin, head of forex and precious metals trading at Julius Baer.
Chua said the tendency for women to gravitate towards gold as an investment asset should not come as a surprise, given the more risk-averse nature of female investors.
Conservative high-net-worth individuals like gold because it is a physical, discreet asset they can directly own and control.
Studies have shown men tend to associate risk-taking with higher returns and view market volatility positively. In contrast, maximising returns appears to be less important for women investors who prioritise long-term financial security, building generational wealth and maintaining a certain quality of life for their children.
Research found that women feel the pain of losses more intensely than men when they gamble or make investments. These higher levels of aversion to losses, along with lower levels of financial optimism, make women less willing to take risks.
“Viewed from this perspective, gold ticks many of the boxes as a strategic asset for women,” Chua said, adding that the bullion should be integrated into women’s portfolios in a more structured way.
Although gold does not produce income like dividend-paying stocks or bonds, it can serve as a key portfolio stabiliser and complement overall investment goals, she added.
How to invest in gold
There are various methods to bank on gold. These include buying physical gold like bars and coins for those who value tangible ownership, snapping up gold ETFs for those who want to gain exposure without handling the metal directly, and tapping gold accumulation plans for disciplined savers looking to build gold holdings over time.
Gold-backed structured notes or deposits are options for those seeking a blend of gold exposure and capital protection.
Irwin highlighted that while gold bars and coins have similar, high-purity gold content, they differ significantly in purpose, pricing and liquidity.
Gold bars can range from one gram to 400 ounces (11,340g) but are better known for their larger sizes. They are generally cheaper per ounce with lower premiums of one to four per cent over spot gold prices, making them ideal for larger, longer-term investments.
Gold coins come in smaller sizes, typically one troy ounce (31.1g). They come at a higher premium of five to seven per cent over spot, but offer better liquidity and flexibility when selling.
As coins are often government-issued with face value, investors are assured of their weight, precious metal content and purity, while gold bars may be produced by private or government refineries.
Buyers looking for gold coins as an investment and a hedge against inflation should focus on gold bullion coins, Irwin said. These are coins bought and sold primarily for their underlying gold content rather than for collectibility.
The American Eagle, Canadian Maple Leaf and Singapore Gold Lion are legal tender in their respective home markets, but these are rarely used for transactions because their intrinsic metal value is higher than their face value.
For investment purposes, it is important to focus on the most popular and widely recognised coins to ensure that there is a buyer when you want to sell, Irwin said.
Highly regarded coins include the American Eagle, which is minted from a durable 22-karat gold alloy, and the Canadian Maple Leaf, which is minted from 24-karat gold and known for its purity.
In Singapore, investment precious metals are exempt from capital gains tax. There is similarly no capital gains tax on physical gold in Hong Kong.
Julius Baer maintains a constructive view on gold, citing ongoing geopolitical tensions, including the US-Israel war in Iran, and elevated market volatility as support for gold and silver. - The Straits Times/ANN
