After 12 years of straight annual gains, a sell-off in April released years of pent up demand, especially in Asia. Recently, Deutsche bank had decided to open a gold storage vault in Singapore that can hold up to 200 tonnes of the metal. The bank says the new vault would be one of the largest physical holdings of gold in the city state.
4:45PM BST 10 Jun 2013
Gold prices are near a two-year low and down 17pc for the year, after 12 straight years of annual gains. A sell-off in April released years of pent up demand, especially in Asia, stretching regional supply and pushing spot premiums to records.
Singapore last year also excluded gold traded for investment from sales tax liability, prompting even more interest in buying and storing bullion in the city-state, Reuters reported.
"This offering will encourage a significant development in a Singapore-based precious metals market," Ronan Donohoe, Deutsche Bank's global head of metals and dry bulk trading, said in a statement.
Deutsche Bank already has precious metals trading, financing and physical distribution operations in Singapore. The bank said the new vault would be one of the largest physical holdings of gold in the city state.
It will open the storage facility at the Singapore Freeport, a warehouse for items such as precious metals, art and wine located at the airport.
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