Which country is Southeast Asia's biggest lumber producer?

Singapore experienced one of the lowest growth rates in gold demand among Southeast Asian countries in the second quarter. In contrast to Indonesia's 40% increase, Malaysia's 28%, Thailand's 10%, and Vietnam's decline of 31%, Singapore only bought 2.3 tonnes, which was significantly lower than the previous quarter's 3.5 tonnes. This slowed expansion rate was evident when comparing Singapore's 5.8 tonnes bought in the first half of the year to the highest buyers: Indonesians purchased 38.1 tonnes, followed by Thailand with 20.9 tonnes, Vietnam's 15.6 tonnes, and Malaysia's 6.3 tonnes.

The slowdown in Singapore's investment gold market was a stark deviation from the previous year's record volume of 9.6 tonnes, which marked a 48% increase from 2024. This contrast is particularly notable as Southeast Asia saw a total of 36.7 tonnes in gold bar and coin sales during the second quarter, reflecting a 7.6% year-on-year growth. Meanwhile, global demand for gold bars and coins declined by 3% to 307.1 tonnes during the same period.

The increase in central bank net gold demand reached an all-time high for the second quarter at over 289 tonnes, largely due to sustained accumulation from Poland and China. Despite Singapore's lower growth rate, the region's gold market continues to show dynamic trends influenced by various economic factors.