A new white paper shows that Asia’s growing importance in the gold market is creating opportunities for Singapore to bolster its position as a regional gold hub.

Two developments could reshape the future of the gold market: the growing importance of Asia within the global gold ecosystem, and digital innovation, most notably through tokenised gold, according to a new white paper, Gold in an Age of Transformation, by Singapore-listed financial services group DBS 

About half of surveyed asset managers and banks said state-backed gold infrastructure had increased their institutions’ interest in Asian hubs, while 25 per cent of central bank respondents were evaluating the region for storing official gold reserves. This interest comes as global gold demand surpassed 5,000 tonnes in 2025, reaching a record $555 billion in value, with Asia accounting for more than half of physical bar and coin investment, as well as jewellery demand. Consequently, stronger regional infrastructure could deepen liquidity during Asian trading hours, facilitate local clearing and settlement, and support greater trading in gold bar formats.

A number of wealth managers such as UBS Global Wealth Management's chief investment office also believe that the medium- to longer-term case for holding the yellow metal remains strong, supported by lower real rates, a softer dollar, and central bank buying. See here.

Alongside physical gold formats, respondents in the DBS report ranked exchange-traded funds (27 per cent), derivatives (27 per cent) and tokenised gold (18 per cent) as the investment channels with the strongest expected growth over the next 12 months, the white paper reveals.

Launched at DBS’ fifth annual Metals & Mining Forum yesterday, the report gathers insights from central banks, asset managers and banks across geographies including Asia, the Middle East and Europe. It examines how changes in gold demand, market infrastructure and investment channels are reshaping the global gold ecosystem, and the corresponding implications for investors and financial institutions.

One in four central bank respondents were actively evaluating Asian hubs as potential storage locations for official gold reserves, underscoring the importance of market liquidity, regulatory clarity and trusted infrastructure in translating interest into adoption.

About 50 per cent identified legal stability and political neutrality as the most important consideration when selecting a new gold storage location. Among financial institutions, market liquidity, regulatory clarity, clearing and custody infrastructure, and cost efficiency ranked ahead of time zone alignment and geographical proximity.

These findings underscore Singapore’s potential to build on its strengths as an international financial and wealth management centre, supported by its reputation for regulatory certainty, political stability and trusted financial infrastructure, the bank said. In addition, emerging Asian gold hubs can complement established markets such as London and New York. This in turn serves to benefit a growing pool of regional investors by enhancing access and deepening liquidity, while also enabling greater price discovery and more timely transactions during Asian trading hours.

"Trusted infrastructure, modern clearing and settlement, and financial product innovation are transforming access to gold,” Li Zhen, head of Foreign Exchange and Precious Metals, Global Financial Markets, DBS, said.

“Asia has long been the leading global demand source of physical gold, yet much of the gold trading infrastructure is concentrated in Western financial centres,” Taimur Baig, chief economist at DBS Bank, added. “As Asia’s role in the gold market grows and new investment channels emerge, the development of trusted market infrastructure will be critical. Singapore is well placed to support this evolution, building on its strengths in regulation, institutions and financial market infrastructure.”

DBS is continuing to expand its gold offerings, and talks about Singapore’s ambition to strengthen its role as a regional gold hub. In June 2026, DBS announced the introduction of DBS Physical Gold Tokens, digital tokens which are backed by real gold stored securely in the bank's Singapore vaults. The offering uses DBS’ end-to-end capabilities spanning physical vaulting, tokenisation, digital custody and distribution.