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Singapore to launch exchange-traded gold contract from September

Published on Jun 25, 2014 5:09 PM
 
Singapore is hoping to get the Midas' touch in its ambitions to be a regional precious metals trading hub. -- PHOTO: ST FILE

Singapore is hoping to get the Midas' touch in its ambitions to be a regional precious metals trading hub.

It is launching the world's first exchange-traded wholesale 25 kilobar gold contract.

Announcing the move on Wednesday, Trade and Industry Minister Lim Hng Kiang said: "With our close proximity to both demand and supply in Asia, I believe that Singapore is well-placed to support the bullion industry, with substantive mutual benefits," Mr Lim said at the London Bullion Market Association market forum.

"Our vision is that Asia can be a driving force to continue the growth of the bullion industry, and be a global leader in areas fundamental to the demand and trade in this region."

 
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