Key facts
- MAS said the vault can store up to 500 tonnes of gold, with room to expand as demand grows.
- The service is open to foreign central banks, international financial institutions and sovereign entities, plus custody accounts for select Singapore bullion banks.
- MAS and the Ministry of Finance will extend the GST waiver to wholesale vaulting, refining, recasting, assaying and broking between institutional participants.
- MAS chairman Gan Kim Yong said Singapore does not aim to replace other gold centres and is an additional option for central banks.
- SGX Group and six founding clearing banks are preparing an OTC gold clearing system, with live trading expected in the first quarter of 2027.
- A DBS white paper said one in four central bank respondents were evaluating Asian hubs as storage locations for official gold reserves.
Singapore's central bank launched a gold vaulting service on November 10, 2026, offering foreign central banks, international financial institutions and sovereign entities a place to hold gold reserves in the city-state. The Monetary Authority of Singapore said the gold will be stored in Singapore's national currency vault, which can hold up to 500 tonnes and has room to expand as demand grows.
MAS said it will also offer gold custody accounts to select Singapore-based bullion banks with expertise in gold services and trading liquidity. It described the service as an additional sovereign custody option combining allocated custody, servicing and access to gold-market liquidity during Asian trading hours.
Alongside the vault, MAS and the Ministry of Finance said they would introduce an enhanced Goods and Services Tax framework for wholesale investment precious metal gold activities. The waiver would extend to specified services between institutional participants, including vaulting, refining and recasting, assaying and broking. MAS said the framework is expected to take effect from April 2027, with further details at Budget 2027.
MAS chairman Gan Kim Yong, who is also Singapore's deputy prime minister, told reporters that demand for gold is rising given an uncertain external environment and that investors and central banks are seeking resilience and diversification. "Singapore does not aim to replace other gold centres and gold vaulting services," he said. "We are an additional option that is offered to the central banks." He declined to share details about entities that have expressed interest in storing gold in Singapore.
Separately, MAS said SGX Group and six founding clearing banks are working to complete preparations for an over-the-counter gold clearing system by the end of 2026, following a memorandum of understanding signed in June. Industry testing has been completed and the rulebook will be finalised soon, with live trading and market operations expected to start in the first quarter of 2027. SGX's physically deliverable Gold Kilobar Futures is targeted for launch in the second quarter of 2027.
A DBS white paper published on November 10 said one in four central bank respondents were actively evaluating Asian hubs as potential storage locations for official gold reserves, and about half of asset managers and banks surveyed said state-backed gold infrastructure had increased their interest in Asian hubs. The paper cited World Gold Council data showing global gold demand surpassed 5,000 tonnes in 2025, reaching a record $555 billion in value.