Singapore’s gold exports to the U.S. rise to a near three-year high. Illustration photo by Pexels
Gold shipments from Singapore to the U.S. climbed to the highest level in almost three years in January.
This is a further sign of the ructions in bullion trading after pricing disparities opened up in key markets, Bloomberg reported on Tuesday.
According to data from state agency Enterprise Singapore, the volume of gold shipped from the city-state to the U.S. rose to about 11 tons in January, up 27% from December, and the largest amount since March 2022.
The global gold market has been in upheaval in recent weeks, at a time when prices were already near record highs.
Concerns that possible tariffs from U.S. President Donald Trump’s administration could hit flows of precious metals helped to lift bullion futures in New York to an unusually wide premium over international benchmarks in London. That gap then pulled imports into the U.S.
Futures traded at about US$2,925 an ounce on the COMEX – the world’s largest futures and options trading for metals on Tuesday, compared with spot metal at about $2,912 an ounce in London, a difference of around $13.
In January, the premium was wider, topping $50 towards the end of the month.
Nikos Kavalis, managing director at Metals Focus, said that gold is being shipped there from all locations where there are refineries.
Under normal conditions, most gold-bar exports from Singapore go to destinations across Asia, depending on where demand is good, according to Kavalis. When regional consumption is not enough, these bars go to London, the main terminal market for gold.
The last time there was a spike in gold flows from Singapore to the U.S. came during the pandemic, when border and trade restrictions triggered concern about the ability to settle futures contracts.
