Singapore plans Asia gold trading hub launch by 2026

Source: reuters.com

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.