According to data from state agency Enterprise Singapore, volumes of gold shipped from Singapore to the US rose to about 11 tonnes in January, up 27% from December, and the largest amount since March 2022.
Hanoi (VNA)꧙ – Gold shipments from Singapore to the US climbed to the highest level in almost three years in January.
This is a further sign of the ructions in bullion trading after pricing disparities opened up in key markets, Bloomberg reported on February 18.
According to data from state agency Enterprise Singapore, volumes of gold shipped from Singapore to the US rose to about 11 tonnes in January, up 27% from December, and the largest amount since March 2022.
The global gold market has been in upheaval in recent weeks, at a time when prices were already near record highs. Concerns that possible tariffs from US President Doanld Trump’s administration could hit flows of precious metals helped to lift bullion futures in New York to an unusually wide premium over international benchmarks in London. That gap then pulled imports into the US, according to Bloomberg.
Futures traded at about 2,925 USD an ounce on the COMEX - the world's largest futures and options trading for metals on February 18, compared with spot metal at about 2,912 USD an ounce in London, a difference of around 13 USD.
In January, the premium was wider, topping 50 USD towards the end of the month.
Nikos Kavalis, managing director at Metals Focus, said that gold is being shipped there from all locations where there are refineries.
Under normal conditions, most gold-bar exports from Singapore go to destinations across Asia, depending on where demand is good, according to Kavalis. When regional consumption isn’t enough, these bars go to London, the main terminal market for gold.
♓ The last time there was a spike in gold flows from Singapore to the US came during the pandemic, when border and trade restrictions triggered concern about the ability to settle futures contracts./.
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