Gold Vaulting Service in Singapore Offers 500-Tonne Capacity

A gold vaulting service launched by the Monetary Authority of Singapore on 10 November will serve foreign central banks and sovereign institutions as the city-state strengthens its role as a regional bullion trading hub.

MAS said gold would be stored in the national currency vault, with an initial capacity of 500 tonnes and scope to expand as demand grows.

Deputy Prime Minister Gan Kim Yong said some foreign central banks had expressed interest in the service, which complements more than 2,000 tonnes of existing commercial vaulting capacity.

MAS also introduced a goods and services tax framework exempting specified wholesale gold-related services, including vaulting, refining and assaying.

The tax changes are expected to take effect in April 2027.