Hong Kong and Singapore square off in race to become world's gold trading hub

By Kevin Li South China Morning Post, Hong Kong Sunday, March 8, 2026 Hong Kong and Singapore have crossed swords over their ambitions to be the world's gold trading hub, but experts say Hong Kong holds an advantage over its Southeast Asian rival, citing its access to mainland China's robust market. As Hong Kong pushes ahead with measures to create an ecosystem for gold trading -- highlighted as recently in the government's budget late last month -- Singapore has reportedly been courting global heavyweights. ... Dispatch continues below ... ... ADVERTISEMENT ... Buy, Sell, or Store Precious Metals with Money Metals Exchange Money Metals Exchange, a national bullion dealer recently named "Best Overall" by Investopedia.com -- https://www.moneymetals.com/news/2021/02/01/best-overall-precious-metals-dealer-002213 -- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals. Shop online with Money Metals Exchange here -- https://www.moneymetals.com/buy -- or by calling 1-800-800-1865. Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost: https://www.moneymetals.com/depository In response to the South China Morning Post's queries about a rumored alliance with major market makers such as JP Morgan and UBS, the Monetary Authority of Singapore did not deny the reports and highlighted ongoing engagement with the sector. "Since last year, MAS has been working with key gold market participants to look at ways to support the growth of the gold market in Singapore," a spokesperson said. Singapore's central bank added it would share more details on key initiatives in due course. Commodities trading, especially in gold and silver, is back in vogue, with precious metal prices shooting through the roof amid growing geopolitical uncertainty. Financial Secretary Paul Chan Mo-po reiterated the city's goal to be a global gold trading hub during his budget speech on February 25, which outlined tax concessions to spur bullion trading. Haywood Cheung Tak-hay, chairman of Hong Kong Gold Exchange (HKGX), emphasised the mainland connection was irreplaceable, as China was the world's largest gold producer and consumer. He said the city even provided a vertically-integrated supply chain by promoting the use of yuan to settle gold trading. ... ... For the remainder of the report: https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345867/hong-kong-singapore-square-race-become-worlds-gold-trading-hub * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png