This marked a 48% surge from 2024, the council said last Thursday in a report cited by The Straits Times.
That growth was the strongest in Southeast Asia and fueled by the global gold rally and geopolitical uncertainty, among other factors, the report said.
Gold jewelry consumption in Singapore, however, slid 13% year-on-year to its second-lowest annual level on record as elevated prices weighed on affordability.
Gold climbed about 64% last year, marking its biggest yearly gain since 1979, as a scorching rally pushed prices above numerous record highs. It is up more than 24% so far this year.
The report noted that the city-state’s central bank, the Monetary Authority of Singapore, sold 15 tonnes of gold in 2025, reducing its holdings to 205 tonnes.
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An employee shows gold bullion at Degussa shop in Singapore, June 16, 2017. Photo by Reuters |
Fan Shaokai, the council’s head of Asia-Pacific (excluding China) and global head of central banks, said Singapore’s strong demand for gold investment products such as bars and coins reflects a wider trend across the globe.
Global gold demand rose 1% to an all-time peak of 5,002 tonnes in 2025. Of this, investment demand jumped 84% to 2,175 tonnes, also a record high, Reuters reported.
Jewelry demand, however, fell 18% from 2024, though the total value of this type of gold demand climbed 18% to US$172 billion.
Looking ahead, high prices are expected to continue impacting jewelry demand this year, the council said.
Central bank’s gold purchases are likely to ease to 850 tonnes from 863 in 2025 but remain higher than pre-2022 levels, it added.
“Looking ahead, we expect investment demand to remain strong, underpinned by an unpredictable geopolitical backdrop, softer growth expectations and accommodative policy settings,” Fan said, as quoted by The Business Times.
