The Monetary Authority of Singapore (MAS) announced on 10 November that it has launched gold vaulting for foreign central banks, international financial institutions and sovereign entities. It will also offer gold custody accounts to select Singapore-based bullion banks with gold-service and liquidity expertise. The service is live; it is not a new retail gold account, and its launch does not show that the vault is full.
MAS says gold will be stored in Singapore's national currency vault, which can hold up to 500 tonnes and can be expanded. That figure measures capacity, not gold already deposited, client commitments or trading volume. MAS describes the service as allocated sovereign custody with access to gold-market liquidity during Asian trading hours.
Storage is ready; the trading chain is not yet complete
In March, MAS and the Singapore Bullion Market Association identified vaulting and logistics standards, gold-market products, and OTC clearing for large bars and kilobars as priorities. In June, MAS framed storage, clearing, products and standards as interdependent building blocks. The November update marks a launch in one block, while setting future milestones for others.
SGX Group and six founding clearing banks—DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB—have completed industry testing of an OTC gold clearing system. Its rulebook has not yet been finalised. MAS expects live trading and market operations in the first quarter of 2027; SGX targets the second quarter of 2027 for physically deliverable Gold Kilobar Futures. Completed testing is not a live market, and a target is not a guaranteed launch.
MAS and the finance ministry also plan to extend a GST waiver to specified wholesale investment-precious-metal services between eligible institutions, including vaulting, refining or recasting, assaying and broking. The framework is expected to take effect in April 2027, with details due in Budget 2027. It is not a blanket tax exemption for retail gold accounts or gold CFDs.
Who is affected
Foreign central banks and sovereign bodies now have another option for holding physical gold in Singapore. If clearing and deliverable products begin as planned, institutions may eventually be able to store, price, clear and settle gold in the same market. For bullion banks, brokers and infrastructure providers, the tests are participation rules, bar standards, counterparty risk and sustained Asian-hours liquidity—not the headline capacity of a vault.
Retail traders should distinguish physical gold, futures and gold contracts for difference. A CFD client's rights, funding path and protection depend on the broker and contract actually used. MAS custody for sovereign institutions does not automatically back a retail position with physical metal or guarantee compensation.
TraderVote observation
A gold market needs more than a door strong enough to guard bars. If title cannot be transferred, cleared and delivered under transparent rules when it matters, secure storage cannot stand in for market depth. MAS has usefully separated what is open from what is still planned. The industry's next test is not how many tonnes a vault could hold, but whether ownership records, delivery rights and final settlement can be reconciled bar by bar.
Sources: MAS, 'MAS Launches Central Bank Gold Vaulting Service and Announces Enhanced Tax Framework for Wholesale Gold Activities in Singapore', 10 November 2026; MAS gold trading centre focus areas, 27 March 2026; MAS opening speech at the 9th Asia-Pacific Precious Metals Conference, 15 June 2026. Accessed 10 November 2026, Los Angeles time. Cover is conceptual editorial photography, not an actual facility or deposit record.
This article is not investment advice.
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