City-state also sets sights on vaulting services for foreign central banks
The Monetary Authority of Singapore is looking to provide gold vaulting services for foreign central banks as part of the city-state’s ambition to become a trading hub for the precious metal. © Reuters
SINGAPORE — Singapore has enlisted major financial institutions such as JPMorgan and UBS to develop its ambitions as an Asian gold trading center, even as the precious metal’s prices have fallen over the past weeks due to the U.S.-Israel war with Iran.