One in two central banks surveyed by DBS said Asian gold hubs had become more attractive, as state-linked storage and trading facilities develop and institutions weigh where to hold official reserves.
DBS commissioned the survey, which independent market research firm Kantar conducted in September. DBS released the findings Nov. 10. Active evaluation was reported by 25% of central bank respondents, who said they were considering Asian locations for official reserve storage, while slightly more than half of surveyed asset managers and banks also reported greater interest.
The DBS report linked interest to the growth of infrastructure backed by governments or stock exchanges, improvements in clearing and settlement, and new financial products. It said central banks use gold to diversify their reserves and protect against inflation and other risks.
Singapore's plans announced in March include gold-related investment products, internationally aligned vaulting and logistics standards, and a clearing system for over-the-counter gold-bar trades. The Straits Times reported that Hong Kong aims to increase its storage capacity to more than 2,000 tonnes by 2030. The outlet also reported that the city's central gold clearing and settlement system is expected to launch in the first quarter of 2027.
Most central banks and private financial institutions surveyed expected gold exchange-traded funds and derivatives to have the strongest growth over the next 12 months. Respondents also saw strong growth potential for tokenized gold, although it made up about 4% of the surveyed institutions' combined gold exposure. Tokenization turns physical bullion into digital units for electronic trading.
The World Gold Council said global gold demand exceeded 5,000 tonnes in 2025 and reached a record US$555 billion in value. More than half of global demand for jewelry and investment in physical bars and coins came from Asia.
