Figures from the Gold Demand Trends Q1 2026 report by the World Gold Council (WGC) suggest that investors in Singapore strengthened their affection for gold bars and coins in the first quarter of the year, with demand in the island-state surging to a record quarterly high of 3.5 tonnes, representing 0.2 tonne q-o-q and one tonne y-o-y increases.
The situation in the Lion City mirrors the global trend of increasing attraction to bullion, with world demand soaring to 473.6 tonnes, 45.6 tonnes more than the previous quarter and higher by 140 tonnes compared to a year ago.
Mainland China drove global demand for bullion as demand soared to 206.9 tonnes, up 88.2 tonnes q-o-q and 82.7 y-o-y. The trend was similar in Indonesia which saw 11.9 tonnes q-o-q and 7.5 tonnes y-o-y increases to 23.6 tonnes.
Across Asia, however, the picture for gold bars and coins was more nuanced with some countries experiencing whiplash in demand. These countries include India — decrease of 33.7 tonnes q-o-q but 15.6 tonne y-o-y rise to 62.3 tonnes; Thailand — drop of 8.9 tonnes q-o-q but 2.6 tonne y-o-y increase to 10 tonnes; and Vietnam — 2.1 tonne q-o-q increase but 2.9 tonne y-o-y decline to 9.1 tonnes.
Despite uneven bullion demand in Asia, the APAC region added a total of 434 tonnes via bullion and ETFs, with WGC head of Asia-Pacific Fan Shaokai saying that investors across APAC “lead the charge” in global gold demand. “Investors across the region are responding to the same combination of geopolitical uncertainty, trade risk and price momentum driving demand globally, but the Asia-Pacific response this quarter has been particularly pronounced,” he says. “Looking ahead, we expect the geopolitical risk premium to remain a key support for gold demand."
ETFs and jewelry decline in popularity
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While the Asia-Pacific experienced a gold boom, overall global demand (excluding OTC trades) for the precious metal dropped to 1,195.9 tonnes, a q-o-q decrease of 134.7 tonnes and a y-o-y decline of 119.7 tonnes, with ETFs and gold jewellery experiencing the bulk of the drop. Including OTC trades, demand was nearly 1,231 tonnes.
Despite Asia adding 84 tonnes, total demand for ETFs declined to 62 tonnes, down 112.9 tonnes q-o-q and 167.9 tonnes y-o-y. This was mainly attributed to “sizeable” outflows from US-listed funds according to the WGC.
Meanwhile, demand for gold jewellery stood at 299.7 tonnes, 137.3 tonnes less than the previous quarter and lower by 91.5 tonnes compared to a year ago. WGC points out that major markets China, India and the Middle East experienced declines ranging from 19% to 32% as record gold prices weigh on consumer sentiment. The WGC’s market analysis suggests that jewelry consumption has moved into gold bullion, especially for China and India.
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The data came on the back of volatile prices in the first quarter of 2026, which saw gold soaring to a record high of nearly US$5,500 an ounce in January before losing around 15% in value by the end of March. The precious metal is currently trading at around US$4,600, or 6% higher, than the start of the year.
The report also showed that demand from central banks was slightly higher at 243.7 tonnes, increasing by 26.1 tonnes q-o-q and 6.7 tonnes y-o-y.
“Central banks are expected to continue net buying, even as a small number of institutions engaged in tactical selling this quarter," says Fan. "Gold's role as a resilient, strategic allocation has never been more firmly in place."
