Singapore wants a bigger slice of the global gold market. Is it too late to the party? 

KRASNOYARSK, RUSSIA - JUNE 16: A view of the production of silver granules and gold ingots in Krasnoyarsk, Russia on June 16, 2026. Krastsvetmet (Krasnoyarsk Non-Ferrous Metals Plant named after V.N. Gulidov) is one of the world's largest producers of eight precious metals and their products. It processes all types of mineral and secondary raw materials. Krastsvetmet's products meet international standards and are included in 'Good Delivery' lists (high delivery quality) on international markets. (Photo by Alexander Manzyuk/Anadolu via Getty Images)Anadolu | Anadolu | Getty ImagesSingapore is stepping up efforts to become a major player in the global gold market, betting that a new central bank vaulting service and tax incentives will help it attract more bullion flows. The Monetary Authority of Singapore on Tuesday launched a gold vaulting service for foreign central banks and sovereign entities, with an initial capacity of 500 metric tons. The city-state also plans to introduce tax exemptions for certain wholesale gold-related services such as vaulting, refining, recasting, testing and broking. In June, Singapore unveiled plans for a physical gold clearing system to facilitate th...