Singapore adds lustre to bullion hub with gold vault service for central banks

Singapore on Tuesday launched a gold storage service for foreign central banks and other financial institutions, as it seeks to bolster its position as a major precious metals trading hub.

The Monetary Authority of Singapore (MAS) said the facility, housed in the city state’s national currency vault, could store 500 tonnes of gold but could expand that as demand grows.

The service will provide foreign central banks, international financial institutions and sovereign entities “with a secure...