Singapore adds to its gold pile for the first time in decades


SINGAPORE (Bloomberg) -- Singapore increased its gold reserves by about 20% earlier this year in a largely under-the-radar move that saw holdings expand for the first time in decades.

The purchases, which totaled about 26.3 tons, took place over May and June, according to data from the Monetary Authority of Singapore’s International Reserves and Foreign Currency Liquidity reports. The move came to wider prominence when it was picked up in the International Monetary Fund’s monthly update, which shows it was the first increase in figures dating back to 2000.

MAS didn’t disclose how much it paid for the bullion, but at today’s price that would be about US$1.5 billion. The authority didn’t immediately respond to an email seeking comment.

The central bank may have preferred to not draw attention to the amount of gold in its international reserves as this might encourage foreign-exchange markets to view the purchase as a move that strengthens the city-state’s reserve position and potentially put upward pressure on it’s exchange rate, according to a blog post by Ronan Manly, a precious metals analyst at Singapore dealer BullionStar.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Singapore , gold

   

Next In Business News

CapitaLand to reduce reliance on retail, ventures into industrial real estate, logistics, data centres
Report: Affin Bank to dispose of asset management arm for over RM2bil
BHIC to cooperate with MACC in combat vessels probe
Uzma unit bags EnQuest job worth RM30mil
Khairussaleh Ramli to be appointed Maybank president, CEO
Bursa Malaysia rebounds on bargain hunting at final hour
Azman Hashim to retire from AMMB board
Azmin: Genting Hong Kong bankruptcy has no impact on Malaysian economy
China property shares slump as planned U.S. rate hike adds to woes
U.S. yields rise, Asian shares and European futures tumble as Powell warns on inflation

Others Also Read


Vouchers