Malaysia had the fifth-highest increase in gold reserves in the last decade, increasing 6.84% 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: nst.com.my)
Kuala Lumpur (VNA) - Malaysiahad the fifth-highest increase in gold reserves in the last decade, increasing6.84% to 38.88 tonness from 36.39 tonnes, according to City Indexusing data from 2013 to 2022 of the World Gold Council.
Matt Weller, City Index head of market research, said the surgein gold investment demand signalled a growing concern among investors regardingthe inflationary pressures in the market, prompting individuals to seek areliable measure of protection against purchasing power risk.
As central banks continue to use gold as aninflation hedge, it's not surprising to see individual investors following suitin the form of coins or jewellery, especially in countries such as India andChina, where gold has long been considered a traditional store of value, he added.
According to City Index, gold reserves in China averaged1,694.78 tonnes from 2013 until 2021, reaching an all-time high of 2,010.51tonnes in the fourth quarter of 2022, accounting for 3.6% of its total foreignreserves.
Thailandhad the second-largest increase in gold reserves in the last decade,increasing by 60.20% from 152.41 to 244.16 tonnes.
Singapore'sgold reserves increased by 30% in January 2023. The country had the third-largest increase in gold reservesin the last decade, increasing by 20.68% from 127.4 to 153.74 tonnes.
🔯 However, Indonesia continues to hold 50% more gold, accounting for 78.57tonnes. Meanwhiles, the Republic of Korea haschosen to increase its gold reserves by marginal amounts, or an increase of0.01%./.
Malaysia's trade surplus hit 26.69 billion MYR (6 billion USD) in March, marking the 35th consecutive month of trade surplus since May 2020 and the highest ever recorded for March, according to the country's ministry of investment, trade and industry ministry (MITI),
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Malaysia intensifies gold reserves in last decade (Photo: nst.com.my) 
