Page 15 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

Quarterly gold demand by sector and 10-year quarterly average

Source: Metals Focus, World Gold Council
*Data as of 31 March 2024

Building Greater Trust and Transparency the unique needs of each market, facilitating better
The World Gold Council is committed to fostering access and investment opportunities for consumers.
trust and transparency in the gold market through the
implementation of its Retail Gold Investment Principles Establishing Southeast Asia as a Leading Global
(RGIPs). In Singapore, these principles provide gold Hub for Gold
suppliers with a detailed set of best practices, aimed at Our efforts are also focused on establishing Southeast
ensuring ethical and professional conduct in the gold Asia, particularly Singapore, as a leading global hub
industry. The potential expansion of RGIPs to other for gold trading. We are working closely with Singapore
regional markets is expected to further solidify trust in stakeholders to grow local market infrastructure and
the regional gold market. capabilities. Enhancing Singapore’s role as a global gold
trading center not only benefits the local economy but
Another key component of our strategy is the Gold247 also strengthens the region’s position in the global gold
initiative, which focuses on the digitalisation and market.
traceability of gold. Gold247 envisions a transformed
global gold market that meets the demands of modern As economies in the ASEAN region continue to navigate
consumers and investors. This initiative is built on financial uncertainty, gold remains a valuable asset for
three pillars: integrity, accessibility, and fungibility, all diversification and protection. The World Gold Council’s
underpinned by the digital transformation of gold market strategic initiatives aim to build trust, reduce barriers,
infrastructure. By enhancing trust in gold through digital and establish a thriving gold market in Southeast Asia,
means, we aim to unlock substantial demand and ensure ensuring that gold remains a reliable and attractive
the gold market remains robust and reliable. investment for consumers and institutions alike.

Reducing Barriers to Access In the face of a multitude of macro and geopolitical
To make gold more accessible, the World Gold Council challenges, the World Gold Council's initiatives are
is working with Vietnam to evolve its gold market towards crucial in ensuring that gold remains a trusted and
more accessibility, making it easier for consumers to accessible investment for all. With the abovementioned
invest in gold. We are also increasing awareness of gold strategies, the World Gold Council is committed to
through targeted outreach to institutional investors. Our enhancing the gold market's resilience and appeal,
recent consumer insights surveys conducted in Vietnam fostering a stable and prosperous future for gold
and Thailand, with similar plans for Indonesia this year, investment in the ASEAN region.
have been pivotal in helping us understand and address

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