Singapore plans to increase gold storage capacity to build an international gold hub
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(1) Singapore is considering expanding its gold storage capacity to accommodate the gold reserves of other central banks, as part of its broader plan to build an international gold hub. Site planning: According to sources, Singapore is evaluating potential locations, including a plot near Changi Airport. (2) Official response: A spokesperson for the Monetary Authority of Singapore stated that the authorities "are considering using existing facilities to store gold," but did not comment on the expansion of vault facilities. (3) Supporting measures: The authorities have jointly announced plans with local industry groups to develop services and products such as an over-the-counter settlement and clearing system and capital market offerings to promote precious metals trading.
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