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.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
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."
In 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.
