Deutsche Bank has opened a gold-storage vault in Singapore that can hold up to 200 tonnes of metal- worth about US$9 billion at current prices.
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Gold prices are near a two-year low and down 17% in 2013, after 12 straight years of annual gains.
The new vault targeting high-net-worth clients will join other gold storage facilities run by JP Morgan and Malca-Amit, among others.
Head of wealth planning at Deutsche Asset & Wealth Management, Mark Smallwood said: "There is a growing interest to buy physical gold for investment purposes.
"The vault in Singapore is Deutsche Bank’s second-biggest after London. The bank also has vaults in Zurich and Hong Kong."
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By GlobalDataIn 2012, Singapore excluded gold traded for investment from sales tax, prompting interest in buying and storing bullion in the city-state.
Deutsche Bank’s global head of metals and dry bulk trading, Ronan Donohoe, said: "This offering will encourage a significant development in a Singapore-based precious metals market."
Deutsche Bank already has precious metals trading, financing and physical distribution operations in Singapore.
