Singapore (AFP) - Singapore launched a gold storage service for central banks and other foreign financial institutions on Tuesday, seeking to position itself as a precious metals trading center.

First modification: 11/10/2026 - 12:51

The Monetary Authority of Singapore (MAS) said the facility, located in the city-state's national currency vault, will be able to store up to 500 tonnes of gold and could increase its capacity as demand grows.

The service will give foreign central banks, financial institutions and sovereign entities "a secure option to store gold reserves in Singapore," the MAS said in a statement.

This initiative comes as Singapore seeks to capitalize on growing Asian demand for marketing and storage services for the yellow metal.

Hong Kong launched a pilot for a gold clearing system in July, backed by several big banks, as it seeks to become a bullion trading hub.

Gold has traditionally been considered a safe haven during periods of financial instability, and central banks hold it as part of their international reserves.

Singapore, one of Asia's main financial centers, intends to expand its role in the global metal market, historically dominated by traditional centers such as London and New York.

© 2026 AFP

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