Singapore Looks to Become Hub for Hosting Central-Bank Gold

Singapore is planning to expand its gold-storage capacity to become a custodian of bullion held by foreign central banks, part of a broader push by the city-state to compete with Hong Kong as a regional hub for the precious metal.

The Monetary Authority of Singapore said Friday it will “look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand.” The nation’s also developing “gold-related capital market products to promote price discovery and build liquidity.”