Singapore opens a 500-tonne gold vault to central banks

What happened. MAS, Singapore's central bank, opened its gold vaulting service. Clients are foreign central banks, international financial institutions and sovereign entities. Select Singapore-based bullion banks will also get gold custody accounts so they can provide these clients with liquidity.

Where the gold sits. In Singapore's national currency vault. It holds up to 500 tonnes now, with room to grow as demand rises. Custody is allocated: specific bars belong to a specific owner.

Tax. Importing and selling investment gold in Singapore is already free of GST. The waiver now extends to services between institutional players: vaulting, refining and recasting, assaying and broking. It is expected to start in April 2027, with details at Budget 2027.

What comes next. SGX and six banks (DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC, UOB) are building an OTC gold clearing system. Industry testing is done, and live trading is expected in Q1 2027. In Q2 SGX aims to launch physically deliverable gold kilobar futures.

How they see it. MAS chairman Gan Kim Yong said Singapore does not aim to replace other gold centres and is an additional option. He declined to say who has shown interest. The World Gold Council called the launch a very significant development, saying new official vault providers appear only a few times a century.

A rival next door. Hong Kong is building its own gold hub and plans its clearing system for the same window, Q1 2027.

Fatos confirmados

• MAS launched a gold vaulting service for foreign central banks, international financial institutions and sovereign entities on November 10, 2026.^[1][2]
• The gold is stored in Singapore's national currency vault, which holds up to 500 tonnes and can be expanded.^[1][2]
• Select Singapore-based bullion banks will get gold custody accounts.^[1]
• The GST waiver will extend to wholesale gold services such as vaulting, refining, assaying and broking, expected from April 2027.^[1][2]
• The SGX and six-bank OTC gold clearing system should go live in Q1 2027, and SGX kilobar futures in Q2 2027.^[1]
• MAS chairman Gan Kim Yong declined to name entities interested in storing gold in Singapore.^[2]
• In a DBS survey, one in four central banks is evaluating Asian hubs as storage locations for gold reserves.^[2]
• Hong Kong plans its own gold clearing system for Q1 2027.^[3]

Implicações

• ConfirmadoCentral banks now have an official gold storage option in Asia.
• Nossa leituraIf central banks move some gold to Singapore, trading during Asian hours could deepen. This is our view.
• Nossa leituraSingapore and Hong Kong will compete to be Asia's main gold centre. This is our view.

Ainda não se sabe

• Which central banks have signed up
• What storage costs clients
• How fast liquidity builds on the new clearing system

Quem é afetado

Singapore, Asia, Global. People who hold or trade gold and follow central banks and Asian markets

Fontes

1. Monetary Authority of Singapore: MAS Launches Central Bank Gold Vaulting Service and Announces Enhanced Tax Framework for Wholesale Gold Activities in Singapore 10 de novembro de 2026 · oficial
2. CNA: MAS launches gold vaulting service with 500-tonne capacity, extends GST waiver to some gold services 10 de novembro de 2026 · mídia
3. Investing.com (Frankmedia): Сингапур открыл центробанкам хранилище на 500 тонн золота 11 de novembro de 2026 · mídia