Singapore wants a bigger slice of the global gold market. Is it too late to the party? 

Singapore is trying to attract more global gold trading and storage by launching a vaulting service for foreign central banks and sovereign entities, alongside planned tax incentives for wholesale gold services. The initiatives aim to establish the city-state as a bullion hub as more activity moves towards Asia, but it faces entrenched competitors.

The new service has initial capacity for 500 metric tons, while London held about 9,850 metric tons in its vaults at the end of October. Singapore also plans a physical gold clearing system, expected to start in the first quarter of 2027. An analyst says Hong Kong is better placed to connect with China, the world’s largest gold market, though Singapore could find a niche in storage for financial institutions.