Singapore vault up to 500 tonnes… overseas central banks begin storing gold

Singapore’s Monetary Authority (MAS) has launched a gold storage service for foreign central banks and state institutions, holding bullion in the national currency vault with a maximum capacity of 500 tonnes, expandable if demand rises. Deputy Prime Minister and MAS chairman Gan Kim Yong said Singapore does not aim to replace other gold hubs or storage providers, and gold accounts will be offered to selected precious metals banks with a local presence and relevant expertise. The 500-tonne figure is total capacity, distinct from actual deposits. The move matters because it positions Singapore as a sovereign-grade bullion custodian competing with established hubs such as London, Zurich and New York. Watch for initial deposit volumes from foreign central banks and whether MAS triggers vault expansion.