Safe-Haven Demand Surges: Singapore Private Bank Clients' Gold Assets Rise 40% in Six Months

(Central News Agency, Singapore, 8th) Amid escalating geopolitical tensions, gold assets held by clients of a major Singapore private bank have increased by more than 40% since the end of 2025, with the majority being high-net-worth individuals. Experts analyze that the global economic outlook is fraught with uncertainties, continuously driving investor demand for safe-haven assets like gold, and Singapore has become one of the preferred destinations for wealth preservation among the ultra-rich in recent years.

Oversea-Chinese Banking Corporation (OCBC) announced today that starting June 10, it will offer physical gold buying, selling, and custody services in Singapore for institutional clients and high-net-worth clients of its subsidiary, Bank of Singapore. OCBC revealed that gold assets held by Bank of Singapore clients have increased by over 40% since the end of 2025, with the majority being ultra-high-net-worth clients.

According to data from the World Gold Council, global demand for gold bars in the first quarter of this year surged nearly 50% year-on-year. Chen Shih-ming, a veteran Singapore media professional familiar with Southeast Asian financial dynamics, told CNA that ongoing geopolitical tensions, coupled with numerous uncertainties in the global economic outlook, have clearly boosted investor demand for safe-haven assets like gold.

Chen pointed out that high-net-worth clients not only seek asset allocation and risk diversification through gold but also increasingly value the security and convenience of the location where their assets are held. These clients therefore tend to choose to hold physical gold and silver bars in Singapore and entrust them to financial institutions for custody to obtain more comprehensive services.

According to a Bloomberg Intelligence report, a survey of local private banking professionals showed that over half of the respondents expect the assets under management (AUM) of Asian private banks to grow by 6% to 10% annually by 2030. The AUM of Singapore's DBS Group, OCBC, and UOB grew by 13% in 2025, significantly higher than the average annual growth rate of 7.6% between 2019 and 2024.

Gold possesses safe-haven attributes due to its scarcity, inability to be arbitrarily issued, global acceptance, and independence from any single government's credit. During wars, financial crises, or high inflation, stocks and currencies may depreciate, but gold, with its stable supply, is considered a safe-haven tool.

Gregor Gregersen, founder of a Singapore precious metals storage facility, told CNA that high-net-worth clients are not only concerned about wealth preservation but also about the long-term impact of international markets and geopolitics. They believe that storing physical precious metals in Singapore can reduce risk. Gold, as a 'non-politicized' asset, if stored in a trusted country like Singapore, could also serve as a backup foundation for global transactions. (Editor: Wei Shu) 1150608