Singapore Launches Gold Vaulting Service for Central Banks

• Singapore launched a gold vaulting service for foreign central banks on Tuesday.
• The service is housed in the city-state's national currency vault and can initially store 500 tonnes of gold.
• The Monetary Authority of Singapore (MAS) aims to expand the facility as demand grows.
• The service seeks to capitalize on the growing demand for diversifying bullion reserves storage.
• Singapore aims to bolster its position as a major precious metals trading hub.