Loading price data
Scrap Monster
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 93,122 members and the trusted source for scrap prices, news, and information. Join Today!
Gold November 30, 2021 12:00:43 PM

Singapore Boosted Official Gold Reserves for First Time in Two Decades

Paul Ploumis
ScrapMonster Author
The gold purchases were noticed only when the International Monetary Fund (IMF) included it in their monthly update.

Singapore Boosted Official Gold Reserves for First Time in Two Decades

SEATTLE (Scrap Monster): The gold holdings by Singapore’s central bank expanded for the first time in decades.

The latest data published by the Monetary Authority of Singapore’s International Reserves and Foreign Currency Liquidity says that the purchases amounting to around 26.35 metric tons was made during the period from May to June this year.  The above said purchases boosted Singapore’s total gold reserves to 153.76 tons. This is the first purchase by the country since 2000.

ALSO READ:

WGC Report Unveiled Latest Trends in Central Bank Gold Reserves

Venezuela Central Bank Gold Reserves Slumped to Hit 50-Year Low

The gold purchases were noticed only when the International Monetary Fund (IMF) included it in their monthly update. Although, it is not sure how much has the country’s central bank paid for the purchases, the acquisition is believed to be worth around $1.5 billion based on current gold prices.

Meantime, the Singapore central bank did not advertise the notable jump in gold holdings. According to precious metals analysts, it would be more likely a deliberate move so as to prevent pressure on its exchange rates.

In a tweet, Krishan Gopaul, Senior Analyst, World Gold Council (WGC) noted that the gold purchase is another instance of a developed market central bank gold buying along with Ireland.

×