Singapore, one of leading financial hubs in the world, is expected to become the world’s gold trading centre as Deutsche Bank has opened its second-largest storage facility in the world in the Southeast Asian country.
The bank’s vault has the capacity to house 200 tonnes of gold.
Two months earlier, BullionVault, an online precious metal exchange, opened a gold vault in the country. JPMogan had a gold stage facility in Singapore in 2010.
The ANZ Bank is negotiating with Singaporean authorities for permission to open its gold storage.
The opening of gold storages in Singapore came after the country removed a sales tax on gold in last October.
According to t he Trade Promotion Authority of Singapore, the government aims to increase its share in the world’s precious metal market from 2 percent to 10 percent and even 15 percent in the next ten years.-VNA
The bank’s vault has the capacity to house 200 tonnes of gold.
Two months earlier, BullionVault, an online precious metal exchange, opened a gold vault in the country. JPMogan had a gold stage facility in Singapore in 2010.
The ANZ Bank is negotiating with Singaporean authorities for permission to open its gold storage.
The opening of gold storages in Singapore came after the country removed a sales tax on gold in last October.
According to t he Trade Promotion Authority of Singapore, the government aims to increase its share in the world’s precious metal market from 2 percent to 10 percent and even 15 percent in the next ten years.-VNA
