The 50-tonne facility will be geared towards its institutional clients such as banks and sovereign wealth funds, as compared to other banks such as Deutsche Bank and UBS whose recently-opened vaults are for both institutional and private clients.
Gold is also growing in popularity as the wealth management sector gains traction in Singapore, adding to the success that the city-state has already found in commodities.
While part of the commodity complex, gold is often used as a store of wealth and a portfolio diversification tool.
JP Morgan Chase was the first bank to launch a vault in Singapore in 2010.
ANZ becomes the fourth bank to start a gold vault here, and is unlikely to be the last.
(Editor: Dear readers, this piece of news should tell us that real physical gold remains in demand despite the drop in paper gold price. Otherwise, why would more and more banks open up gold vault in Singapore?)
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