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Story summary
- Alvin Lee, CEO of Malayan Bank, says Asia’s ultra-rich are moving gold purchases from Dubai to Singapore.
- He adds that wealthy Chinese investors are increasingly buying gold in Malaysia.
- Gold trades near $4,400 per ounce, below its early-year record high.
- Goldman Sachs forecasts gold reaching $4,900 per ounce by year-end on central-bank demand.
- Lee notes younger ultra-high-net-worth individuals are showing growing interest in digital assets and cryptocurrencies.
