Singapore is exploring plans to expand its gold storage capacity as it seeks to position itself as a major global bullion trading hub , targeting central bank reserves and institutional flows. Strategic Push Into Bullion Market Authorities are evaluating potential sites — including areas near Changi Airport — to enhance vaulting infrastructure for gold storage , according to sources familiar with the discussions. The Monetary Authority of Singapore confirmed it is considering the use of existing facilities for gold vaulting , though it stopped short of confirming expansion plans. The move aligns with Singapore’s broader ambition to strengthen its role in precious metals trading and financial services . Targeting Central Banks and Institutional Demand A key objective is to attract central banks , which collectively hold around 39,000 tonnes of gold , accounting for roughly 18% of global supply , according to the World Gold...
KUALA LUMPUR (May 8): The FBM KLCI fell 0.35% today in tandem with the downtrend in Asian markets amid continued fears of a breakdown in US-China trade negotiations.
The benchmark index ended 5.82 points lower at 1,633.55.
Bursa Malaysia's other indices were also in the red save for the telecommunications and real estate investment trust indices. A total of 2.47 billion shares worth RM2.06 billion were traded.
TA Securities technical analyst Steven Soo said trading was quite choppy as the market remained jittery due to the US-China trade deal sentiments.
"This Friday is the deadline. In terms of trading, there will be
squaring off on short-term trades pending more solid cues on the
US-China situation. Given the time difference, Malaysia would know by
Saturday. So expect things to be clearer next week for us," he said.
In the meantime, Soo said the market is expected to remain weak for the rest of the week.
Reuters reported that investors are now focused on the trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu He will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
Trump had said on Sunday that he would raise tariffs on US$200 billion worth of Chinese goods to 25% from 10%, while US trade negotiators said late on Monday that China had backtracked from commitments made earlier.
Among other Asian indices, Japan's Nikkei 225 fell 1.46% and South Korea's Kospi dropped 0.41%. The Shanghai Stock Exchange Composite closed down 1.12% and Hong Kong's Hang Seng fell 1.23%.
Source: The Edge
In the meantime, Soo said the market is expected to remain weak for the rest of the week.
Reuters reported that investors are now focused on the trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu He will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
Trump had said on Sunday that he would raise tariffs on US$200 billion worth of Chinese goods to 25% from 10%, while US trade negotiators said late on Monday that China had backtracked from commitments made earlier.
Among other Asian indices, Japan's Nikkei 225 fell 1.46% and South Korea's Kospi dropped 0.41%. The Shanghai Stock Exchange Composite closed down 1.12% and Hong Kong's Hang Seng fell 1.23%.
Source: The Edge
Comments
Post a Comment