On Tuesday, Nov. 10, the Monetary Authority of Singapore (MAS) announced it has opened a central‑bank gold vaulting service that will hold bullion for foreign central banks, multilateral organisations and sovereign entities. The service will also provide gold custody accounts to selected Singapore‑based bullion banks.
According to a statement released in Xinhua coverage, the gold will be stored at Singapore’s national currency vault, which has a capacity of up to 500 tonnes and can be expanded to meet future demand. The vault is part of the Loco Singapore gateway, a settlement ecosystem where trades are priced, cleared and settled against gold physically vaulted in Singapore.
Xinhua also reported that MAS, in collaboration with the Ministry of Finance, will introduce an enhanced Goods and Services Tax framework for wholesale investment precious metals (IPM) gold market activities. The new framework, designed to better reflect the nature of wholesale gold transactions not intended for domestic consumption, is expected to take effect in April 2027. Bloomberg confirmed the launch of the service, noting the strategic aim to strengthen Singapore’s position as a global gold custody hub.
