Asia's move in gold trading: A giant 500-ton move from Singapore

Singapore has launched a 500-tonne gold storage facility for foreign central banks as part of a push to expand its share of the global gold trade and compete with hubs including London, Switzerland and Hong Kong. The initiative is backed by tax incentives and a clearing system slated to go live in 2027. The move signals Asia's growing ambition to capture more of the world's bullion custody and trading flows, which have traditionally centered on Western vaults. What to watch next is whether foreign central banks sign on as anchor clients and whether the planned clearing system stays on schedule for 2027.