KUALA LUMPUR: Malaysia ranked eighth in the world with the highest demand for gold last year, experiencing a 25 percent surge to 18.5 tonnes compared to 14.9 tonnes in 2021.
According to the report from Forex Suggest, Malaysia is behind Turkey, Russia, Singapore, the United Arab Emirates (UAE), Vietnam, Iran, and Egypt in the relevant chart.
Egypt topped the list with the highest demand increase last year, witnessing a 55 per cent surge involving 52.7 tonnes of gold, compared to 34.1 tonnes recorded in 2021.
Apart from the chart mentioned, Malaysia also ranked seventh among countries with the highest demand for gold bars and coins in the world.
According to the report, Malaysia's demand for gold bars and coins jumped to 5.8 tonnes last year, compared to 4.4 tonnes in 2021.
The 27 percent increase in demand year-on-year placed Malaysia behind Vietnam, Singapore, Turkey, Iran, Russia, and Egypt in the chart of demand for gold bars and coins.
In that chart, Egypt led the position with a significant surge of 693 per cent to 19.2 tonnes of gold bars and coins, followed by Russia with 374 percent.
In the chart of demand for gold jewellery, Malaysia secured the fifth position with 24 percent, involving 17.3 tonnes of gold jewellery.
On gold ownership, the United States (US) ranked first as the world's top gold-holding country with a score of 8.93 out of 10.
The US holds the highest gold reserves in central banks with 8,133 tonnes, followed by Germany with 3,355 tonnes.
In terms of gold mining, China took the top spot with the production of 330 tonnes of gold last year, while Australia and Russia shared the second position with 320 tonnes, followed by Canada (220 tonnes), the US (170 tonnes), and Kazakhstan and Mexico (120 tonnes).
Forex Suggest mentioned that the global gold market has seen a significant recovery compared to two years ago, post-pandemic.
The report stated that gold mining and investment currently account for an estimated US$13.2 trillion (RM59.98 trillion) in market value, which is good news for leading gold producers worldwide.
"In this research, we will analyse the World Gold Council data on central bank gold reserves and consumer demand for jewellery, ETF holdings, and per capita demand at the international level.
"By investigating these findings, the countries with the most valuable gold reserves will be revealed," it said.
Forex Suggest added that with an increasing number of experts and users worried about a potential recession and an uncertain economic future, many are seeking ways to protect themselves and their savings.
"Living in today's evolving world and ever-changing economy, you might look into your finances and investment plans.
"Investing in gold is a wise choice and can help provide stability during uncertain times. It is a great opportunity to safeguard your financial future and diversify your investment portfolio," it said.