Deutsche Bank to open 200-tonne gold storage facility in Singapore

SINGAPORE Mon Jun 10, 2013 9:40am IST

A shop attendant displays a tray of gold bangles for the camera at a jewellery story in Singapore September 18, 2008. REUTERS/Vivek Prakash

A shop attendant displays a tray of gold bangles for the camera at a jewellery story in Singapore September 18, 2008.

Credit: Reuters/Vivek Prakash

Related Topics

Stocks

   
A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

SINGAPORE (Reuters) - Deutsche Bank (DBKGn.DE) is opening a gold storage vault in Singapore that can hold up to 200 tonnes of the metal as it looks to capture surging demand for bullion in Asia.

Gold prices are near a two-year low and down 17 percent 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.

"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. (Reporting by A. Ananthalakshmi; Editing by Tom Hogue)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Market Outlook

Market Outlook

Indian shares headed for correction, but outlook strong - BofA Merrill.  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage