Deutsche Bank to open 200-tonne gold vault in Singapor
Deutsche Bank isopening a gold storage vault in Singapore that can hold up to200 tonnes of the metal as it looks to capture surging demandfor bullion in Asia.
Gold prices are near a two-year low and down 17 percent forthe year, after 12 straight years of annual gains. A sell-off inApril 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 investmentfrom sales tax liability, prompting even more interest in buyingand storing bullion in the city-state.
"This offering will encourage a significant development in aSingapore-based precious metals market," Ronan Donohoe, DeutscheBank's global head of metals and dry bulk trading, said in astatement.