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WGC, Singapore To Launch 25-Kilo Gold Bar Contract

By Kitco News
Wednesday June 25, 2014 1:54 PM

(Kitco News) -The World Gold Council and Singapore’s government will launch a 25-kilo gold bar contract, the WGC said Wednesday.

The contract is expected to debut in September and will be the first wholesale 25 kilobar contract, WGC said, and it will introduce centralized trading and clearing of a physically delivered gold contract in Singapore.

The new contract will allow gold suppliers to “connect more effectively with their Asian clientele,” the WGC said. There will be six daily contracts, which will give physical users access to competitively priced kilobars, they added.

The WGC, which is an industry group promoting gold, said they collaborated with International Enterprise Singapore, Singapore Bullion Market Association and the Singapore Exchange (SGX). Representing the SBMA in this collaboration are four bullion banks, namely J.P. Morgan, Standard Chartered Bank, Standard Merchant Bank (Asia) Limited and the Bank of Nova Scotia, WGC said.

Asian gold demand has increased nearly 250% in the past 10 years, the WGC said.

By Debbie Carlson dcarlson@kitco.com
Follow me on Twitter @dcarlsonkitco

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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