Gold is heading east as its falling price attracts Asian buyers

Glittering haven: Gold of various weights and sizes sit at Gold Investments Ltd bullion dealers in London. — Bloomberg

SINGAPORE: There’s a global migration underway in the gold market, as western investors dump bullion while Asian buyers take advantage of a tumbling price to snap up cheap jewellery and bars.

Rising rates that make gold less attractive as an investment mean that large volumes of metal are being drawn out of vaults in financial centres like New York and heading east to meet demand in Shanghai’s gold market or Istanbul’s Grand Bazaar.