Singapore plans Asia gold trading hub launch by 2026
Source: reuters.com
- Singapore announces plans to launch an Asia gold trading hub by 2026 to rival global centers like London and New York.
- The hub will start with over-the-counter gold trading, allowing big investors to buy and sell gold directly without public exchanges.
- It aims to capture Asia's growing gold demand, handling trades worth billions annually.
Singapore's central bank and monetary authority unveiled plans on Thursday to build a major gold trading hub in Asia by 2026. Key players include the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX), partnering with global firms like banks and refiners. The initiative targets Asia's booming gold market by offering efficient trading and storage. It matters because it could shift gold trading power from Western hubs to Asia amid rising regional demand.