Singapore sets out plans to build Asia gold trading hub

SINGAPORE, March 27 (Reuters): Singapore set out plans on Friday to turn the city-state into a gold trading hub for the whole of Asia, with regulators and industry players working together to strengthen the market's trading, clearing and storage infrastructure. Singapore is one of a number of Asian financial centres now racing to capture more flows of bullion and boost their gold trading business, with Hong Kong also pushing to expand its gold market links with Shanghai.

The Monetary Authority of Singapore and the Singapore Bullion ?Market Association said they had identified four areas that they will focus on, including the broadening of gold-related capital market products and setting up a trusted clearing and settlement system.

The other two areas are strengthening vaulting and logistics standards and studying vaulting services for foreign central banks and sovereign entities.