Economic Uncertainty Drives Surge in Safe-Haven Investments Across Asia
Despite soaring prices, the demand for gold in Asia is escalating as buyers seek a refuge from geopolitical and economic uncertainties.
In Japan, a robust bullish sentiment toward gold prevails. Chinese investors, grappling with currency devaluation, a sluggish real estate market, and trade tensions, have upped their gold purchases by 27% in the first quarter alone. In Thailand and Vietnam, retail investors are heavily investing in gold. Conversely, India and Australia witness a sensitivity to high prices, reflected in Indian gold trading at a discount and a substantial decline in Perth Mint’s gold sales in May.
Albert Cheng, CEO of the Singapore Bullion Market Association, emphasized that consumer demand for gold persists regardless of price fluctuations, underscoring gold’s enduring appeal as a safe-haven asset.
Clever Robot News Desk 14th June 2024
