Singapore launches gold custody service with capacity for 500 tonnes

Singapore's central bank has launched a gold-vaulting service for foreign central banks, international financial institutions and sovereign entities. The national currency vault can hold up to 500 tonnes, with room to expand as demand develops.

Monetary Authority of Singapore chairman Gan Kim Yong said the service would offer an additional storage option as central banks seek resilience and diversification. Some institutions have expressed interest, but he did not identify them because the discussions are confidential. The capacity figure does not mean 500 tonnes have already been deposited.

Authorities also plan a tax framework covering some wholesale services connected with investment precious metals. Vaulting, refining, recasting, assaying and broking between institutional participants are among the activities identified for relief. The framework is expected from April 2027, with further details due in the next budget.

Singapore Exchange and six banks are preparing an over-the-counter gold-clearing system. Live trading and market operations are expected in the first quarter of 2027. These are planned next steps, distinct from the launch of the custody service, and do not establish that the full trading infrastructure is already operating.