In the world's highest gold demand, Malaysia ranks 8th
Last year, Malaysia achieved a 25 % increase in its gold demand to 18.5 tonnes as compared with 14.9 tonnes in 2021, ranking at 8th place on the world market. Malaysia is lagging Turkey, Russia, Singapore, the United Arab Emirates, Vietnam, Iran, and Egypt, according to a report from Forex Suggest.
In comparison to 34.1 tonnes in 2021, Egypt had the highest increase in demand last year, with a 55 % increase in gold, amounting to 52.7 tonnes. In the world ranking, Malaysia has also been ranked seventh in terms of demand for gold coins and bars.
Furthermore, the report states that Malaysia last year needed 5.8 tonnes of gold bars and coins while in 2021 it would need 4.4 tonnes. Malaysia has fallen behind Vietnam, Singapore, the Philippines, Turkey, Iran, Russia and Egypt in terms of demand for gold bars and coins by 27 % year on year.
With a significant increase of 693 per cent to 19,2 tonnes of gold bars and coins, Egypt was the world's number one with Russia behind at 374 per cent. In terms of demand for gold jewelry, Malaysia climbed to fifth place with 24 per cent amounting to 17.3 tonnes of gold jewelry.
The US has ranked first in gold ownership with an 8.93 rating out of 10, as the world's top gold holder country. With 8,133 tonnes, the US has the largest gold reserves in BCPs and Germany is second with 3,355 tonnes.
As far as gold mining is concerned, China produced 330 tonnes of gold last year, followed by Australia and Russia with 320 tonnes, followed by Canada and Mexico with 220 tonnes, the US with 170 tonnes and Kazakhstan and Mexico with 110 tonnes. Forex Suggest mentioned that the global gold market has seen a significant recovery compared to two years ago, post-pandemic.
The report said that, at the current market value of USD 13.2 trillion RM59.98 trillion, these sectors accounted for approximately 11 % of total global mining and investment. This is good news for leading producers in the world. "We shall analyze the World Gold Council data on gold reserves in central banks, consumer demand for jewelry, ETF holdings and population consumption at world level by means of this research."
"The countries with the greatest reserves of gold will be identified by investigating these findings," it said. According to Forex suggestion, some are looking for ways of protecting themselves and savings due to the growing number of experts and users who worry about possible recessions and uncertain economies' future.
You might think about your finances and investment plans in this evolving world and a constantly changing economy. "It's a good idea to buy gold, and it can help provide stability in times of uncertainty." It offers an excellent opportunity to secure your future and diversify your investment portfolio," it went on.