Singapore, an Asian hub for banking and finance, is ramping up its bid to become a center for gold trading that may one day rival London. This week the Southeast Asian city-state unveiled plans to launch a physically deliverable gold contract in September to meet strong demand from Asia – home to the world’s biggest gold consumers.
“I think this is the next step for Singapore, which has made a number of moves to turn itself into a gold hub,” said Victor Thianpiriya, a commodities analyst at Australian bank ANZ.
“Singapore is already a hub for financial services and wealth, so it makes sense that it wants to make itself a benchmark for gold trading in Asia.” The Singapore Exchange said on Wednesday that the contract will be the world’s first wholesale 25 kilobar gold contract and will be made up of a series of six daily contracts.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015