According to Mining Net ( http://www.mining.com/ According to a report on March 10, in January 2023, the Singaporean government increased its gold reserves by 30% from central banks in countries including China and Turkey.
　　In response to an email inquiry, a spokesperson for the Monetary Authority of Singapore stated that as of the end of January 2023, the Monetary Authority of Singapore’s gold reserves had increased from 4.9 million gold ounces (approximately 152.4 tons) one month earlier to 6.4 million gold ounces (approximately 199 tons). The authority indicated that the total value of its gold holdings was US$4.5 billion.
　　In a blog post, Ronan Manly, a precious metals analyst at Singapore-based gold dealer BullionStar, stated that this marks Singapore’s second-ever purchase of gold. The largest previous purchase was in 1968, when Singapore acquired 100 tons of gold from South Africa.
　　In recent months, as the strength of the U.S. dollar has weakened, central banks around the world have been increasing their holdings of gold. Retail demand for gold has also been rising, as people seek to hedge against geopolitical uncertainties and inflation. In February, China increased its gold reserves for the fourth consecutive month, while Turkey was the largest buyer of precious metals among central banks last year.
　　As of 9:54 a.m., the spot price of gold in Singapore was virtually unchanged at US$1,831.34 per ounce. On Thursday, the index rose by 1% after U.S. unemployment figures came in higher than expected. This week, gold prices have fallen by more than 1%, yet remain slightly above their levels at the start of the year.
　　(Chengdu Center, China Geological Survey; compiled by Guo Linnan; reviewed by Chen Xiufa; published by Zhang Xinyuan. Original URL: https://www.mining.com/web/india-writes-to-markets-regulator-opposing-hindustan-zinc-vedanta-deal-sources/ )