Singapore is considering adding gold storage space for central banks worldwide.

Singapore is considering increasing its gold storage space to accommodate the gold reserves of other central banks, as part of the country's broader efforts to establish itself as an international gold hub. According to sources familiar with the matter, the city-state is evaluating potential locations, including a piece of land near Changi Airport. As the discussions are confidential, these sources prefer to remain anonymous. A spokesperson for the Monetary Authority of Singapore responded to inquiries by stating that the central bank is "considering using existing facilities to store gold," but did not comment on whether there will be an expansion of the vault. Authorities have jointly announced a plan with local industry groups to develop related services and products to promote the trading of precious metals, including over-the-counter settlement and clearing systems as well as capital market products.