Gold shipments from Singapore to the United States surged to the highest level in nearly three years in January.
The spike comes as pricing disparities and concerns over potential US tariffs disrupted flows in key gold markets.
According to data from state agency Enterprise Singapore, approximately 11 tons of gold were shipped from the Southeast Asian city-state to the US last month, a 27% increase from December and the largest volume since March 2022.
Typically, most of Singapore’s gold exports are directed to destinations within Asia.
The sharp rise in shipments to the US revealed growing disruptions in the global gold market, which has experienced heightened volatility in recent weeks.
Fears that possible tariffs under US President Donald Trump’s administration could impact precious metal flows have fueled a sharp premium for bullion futures in New York compared to international benchmarks in London, pulling more gold into the US market.
“Metal is being shipped there from all locations where there are refineries,” said Nikos Kavalis, managing director at Metals Focus Ltd.
Singapore is home to one of Metalor Technology SA’s gold refineries, which is certified by the London Bullion Market Association (LBMA).
However, a Singapore-based general manager from Metalor declined to comment on the recent surge in exports.
Under normal market conditions, Singapore’s gold-bar exports primarily serve demand across Asia with shipments rerouted to London—the world’s main terminal market for gold—if regional demand weakens.
The current pricing gap between US and international markets has been a key driver of the surge in shipments.
On Tuesday, gold futures on the Comex traded around $2,925 per ounce, compared to spot prices of approximately $2,912 per ounce in London, reflecting a premium of about $13.
The disparity was even more pronounced in January with the premium exceeding $50 toward the end of the month.
The last comparable spike in gold flows from Singapore to the US occurred during the COVID-19 pandemic in July 2020, when border closures and trade restrictions sparked concerns over the ability to settle futures contracts, pushing shipments to a record 26 tons.
Market observers say the current surge in flows highlights the impact of geopolitical tensions and trade policies on global commodity markets.
With tariff concerns looming and pricing spreads persisting, gold dealers are expected to continue diverting bullion from Asia to the US, capitalizing on the higher premiums in New York.
As uncertainty surrounding US trade policies grows, the market will be closely watching for further disruptions that could reshape global gold flows in the months ahead.
