Singapore Launches Gold Custody Service with Vault Capacity of 500 Tons

Singapore has launched a gold custody service aimed at overseas central banks and official institutions to meet the global demand for diversified storage of gold reserves. The Monetary Authority of Singapore (MAS) stated in a release that the gold will be stored in the national currency vault, which currently has a capacity of up to 500 tons and can be expanded as needed. MAS Chairman Tharman Shanmugaratnam noted that Singapore does not intend to replace other gold centers or custody services, but as the demand for gold as a reserve asset grows, central banks are seeking more options to enhance the resilience of their gold reserves. The MAS will provide gold custody accounts to precious metals banks that have operations in Singapore and possess the relevant expertise.

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