A post by @FirstSquawk on X.

Singapore is seeking to expand its role in the global gold trade by offering vault storage services to central banks, according to the South China Morning Post. The move aims to position the city-state as a hub for sovereign gold reserves, building on its existing status as a major precious metals trading center. Specific details on the scale of the vault capacity or the number of central banks involved were not disclosed in the report. The initiative matters because central banks have been steadily increasing gold purchases in recent years, and capturing a share of that storage business could deepen Singapore's influence over global bullion flows. What to watch next is whether the Monetary Authority of Singapore formalizes the program and whether regional central banks commit reserves to Singapore-based vaults.