The ultra-wealthy are increasingly moving their gold offshore as economic and geopolitical uncertainty roils markets — and Singapore is emerging as a favored destination.

Not far from the city-state’s airport sits a six-story facility covered in onyx and fortified by tight security. Tucked behind its steel doors are gold and silver bars amounting to about $1.5 billion.

“A lot of very high net worth clients are looking at tariffs, looking at the world changing, looking at the potential of geopolitical instabilities,” Gregersen told CNBC. 

“The idea of putting physical metal in a safe jurisdiction like Singapore with parties they can trust is becoming a big trend nowadays,” he said, adding that 90% of the new orders are coming from outside of Singapore.

Source – CNBC

Futures are up 1.7% at $3,350.60 a troy ounce and on track for weekly gains of nearly 4%.

“Without a fundamental shift in U.S. fiscal policy, the implications of rising borrowing costs and widening fiscal deficits means the U.S. is on an unstable fiscal policy path, which could lead to heightened market volatility,” says Fawad Razaqzada, analyst at Forex.com.

Source – The Washington Street Journal

South Africa’s rand, stocks and government bonds strengthened on Friday, boosted by higher gold prices as worries over the United States’ worsening fiscal health sent investors into the safe-haven asset.

At 0929 GMT, the rand traded at 17.9150 against the dollar, 0.5% stronger than Thursday’s closing level.

Gold prices rose on Friday and were poised for their biggest weekly gain in more than a month, as a softer U.S. dollar and concerns over the country’s fiscal outlook boosted bullion’s safe-haven appeal.

Source – Reuters