Singapore opens gold vault to foreign central banks in race to become Asia’s gold hub

Singapore has opened its national gold vault to foreign central banks, a move analysts say will sharpen its head-to-head rivalry with Hong Kong for the title of Asia’s leading bullion hub. The Monetary Authority of Singapore (MAS) has announced that it would store gold for overseas central banks, international financial institutions and sovereign entities in its currency vault.

The facility can hold 500 tonnes and has room for expansion. Deputy Prime Minister Gan Kim Yong, who chairs the...