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Singapore’s Central Bank Boosted Gold Reserves 30% in January

  • City-state’s biggest purchase since the 1960s: BullionStar
  • Central banks are building up holdings of the precious metal

Singapore boosted its gold reserves by about 30% in January, joining central banks from China to Turkey in building up holdings of the precious metal.

The Monetary Authority of Singapore’s bullion reserves rose to 6.4 million fine troy ounces, or 199 tons, at the end of January, up from 4.9 million ounces a month earlier, a spokesperson for the central bank said in response to emailed questions. The total value of its bullion was $4.5 billion at the end of the period, the authority said.