Malaysia intensifies gold reserves in last decade

May 05, 2023 | 10:00

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Malaysia had the fifth-highest increase in gold reserves in the last decade, increasing 6.84 per cent to 38.88 tonness from 36.39 tonnes, according to City Index using data from 2013 to 2022 of the World Gold Council.

Malaysia intensifies gold reserves in last decade (Photo source: nst.com.my)

Kuala Lumpur - Malaysia had the fifth-highest increase in gold reserves in the last decade, increasing 6.84 per cent to 38.88 tonness from 36.39 tonnes, according to City Index using data from 2013 to 2022 of the World Gold Council.

Matt Weller, City Index head of market research, said the surge in gold investment demand signalled a growing concern among investors regarding the inflationary pressures in the market, prompting individuals to seek a reliable measure of protection against purchasing power risk.

As central banks continue to use gold as an inflation hedge, it's not surprising to see individual investors following suit in the form of coins or jewellery, especially in countries such as India and China, where gold has long been considered a traditional store of value, he added.

According to City Index, gold reserves in China averaged 1,694.78 tonnes from 2013 until 2021, reaching an all-time high of 2,010.51 tonnes in the fourth quarter of 2022, accounting for 3.6 per cent of its total foreign reserves.

Thailand had the second-largest increase in gold reserves in the last decade, increasing by 60.20 per cent from 152.41 to 244.16 tonnes.

Singapore's gold reserves increased by 30 per cent in January 2023. The country had the third-largest increase in gold reserves in the last decade, increasing by 20.68 per cent from 127.4 to 153.74 tonnes.

However, Indonesia continues to hold 50 per cent more gold, accounting for 78.57 tonnes. Meanwhiles, the Republic of Korea has chosen to increase its gold reserves by marginal amounts, or an increase of 0.01per cent.

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By VNA

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