Singapore Launches Central Bank Gold Custody Service, Vault Capacity Reaches 500 Tonnes

On November 10, Singapore has launched gold custody services for overseas central banks and official institutions, aiming to tap into global demand for diversified gold reserve storage. In a statement on Tuesday, the Monetary Authority of Singapore (MAS) said the gold will be stored in the national currency vault, which currently has a capacity of up to 500 tonnes and can be expanded to meet growing demand.

MAS Chairman and Deputy Prime Minister Gan Kim Yong said: "Singapore does not intend to replace other gold centers or gold custody services. As countries' demand for gold as a reserve asset grows, I believe central banks are also seeking alternatives and hoping for more options to enhance the resilience of their gold reserves." The statement also noted that MAS will offer gold custody accounts to certain precious metals banks with relevant expertise that have operations in Singapore.

[BlockBeats]