Singapore launches gold storage service for central banks and aims to build hub
- 1The Monetary Authority of Singapore launched a gold storage service for foreign central banks and sovereign institutions on Tuesday with an initial capacity of 500 metric tons.
- 2Singapore unveiled plans to build a physical gold settlement system aiming to begin operations in the first quarter of 2027.
- 3It must secure liquidity to compete with London's gold vault holdings of approximately 9,850 metric tons, including commercial and central bank holdings, as of late October.
So what's the key point?
Singapore has started a service to hold gold for other countries' central banks. It plans to create a system for exchanging physical gold by early 2027 to compete with London and become an active center for gold trading.
Source CNBC · View original ↗
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