Singapore will store gold for foreign central banks in its national currency vault and cut taxes on wholesale gold services, as it bids for a bigger share of bullion trading in Asian hours.
MoneyTurkey Commodities Desk | 10 November 2026
Key points
- The Monetary Authority of Singapore (MAS) will hold bullion for foreign central banks, international financial institutions and sovereign entities in a vault with room for 500 metric tonnes, Reuters reported.
- Tax relief will extend to wholesale vaulting, refining, recasting, assaying and broking from April 2027.
- Spot gold was down 0.6% at $4,115.12 an ounce at 02:38 GMT, after a rally of more than 1% on Monday, according to CNBC.
What MAS announced
The vaulting service will use Singapore’s national currency vault. “With growing demand for gold as a reserve asset, central banks are looking for more options to strengthen their resilience,” said Deputy Prime Minister Gan Kim Yong, who chairs MAS. He said central banks had expressed interest but declined to name them, citing confidentiality.
MAS and the Ministry of Finance plan the new tax framework from April next year. Singapore is also preparing to launch an over-the-counter gold clearing system by the end of this year, with live trading and market operations expected by March 2027, MAS said. SGX’s physically deliverable gold kilobar futures are targeted for the second quarter of 2027.
MAS said the measures would support “price discovery and risk management during Asian trading hours.” Hong Kong has also been pushing to expand bullion storage and build itself up as a gold trading centre.
Gold price
Spot gold eased on profit-taking in early Asian trade, while December gold futures rose 0.2% to $4,123.90, CNBC reported. Silver slid 0.6% to $53.04 an ounce, platinum dipped 0.3% to $1,571.70 and palladium fell 0.4% to $1,037.50.
Traders see an 84% chance that the Fed raises rates in December, according to CME’s FedWatch tool as cited by CNBC. Richmond Fed President Tom Barkin said policy should move “with care” and that he had no base case for the December meeting. US consumer price data is due later on Tuesday, followed by producer prices on Friday.
What to watch
- US CPI later on Tuesday
- Whether any central bank confirms it will use the Singapore vault
- The OTC gold clearing launch due by year-end
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