The Singapore gold market is a thriving and dynamic industry. It is known for its high standards, security, and efficiency.
In Singapore, gold is traded on the Singapore Exchange (SGX) and through various gold dealers and bullion banks. The market operates 24 hours a day, allowing for round-the-clock trading.
One of the key players in the Singapore gold market is the Singapore Bullion Market Association (SBMA), which oversees the market’s integrity and promotes best practices. The association, founded in 1993, brings together market participants, including bullion banks, refiners, and precious metal dealers.
Singapore is also home to a number of renowned gold storage facilities, providing secure and convenient storage options for both individual and institutional investors. These facilities offer services such as insured vault storage, real-time online account management, and international shipping of gold.
The Singapore government has implemented policies to promote the growth of the gold market in the country. For instance, the exemption of goods and services tax (GST) on investment-grade gold allows for more cost-effective trading and storage.
Furthermore, Singapore’s strategic location in Asia makes it an attractive hub for gold trading. Its proximity to other major economies in the region has led to an increase in gold trading activities, especially with growing demand from countries like China and India.
Overall, the Singapore gold market provides a transparent, reliable, and secure platform for individuals and institutions to trade and store gold. It continues to play a prominent role in the global gold industry.
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