Hong Kong’s lived-in home prices rose 1.6 per cent in February, marking the 11th straight month of positive movement for the residential property segment, as the city’s rents scaled another peak, according to official data. Since reversing a downward trend in April, second-hand home prices had climbed nearly 8 per cent so far, bringing the official index to a 22-month high, according to data relea...
Hong Kong’s lived-in home prices rose 1.6 per cent in February, marking the 11th straight month of positive movement for the residential property segment, as the city’s rents scaled another peak, according to official data. Since reversing a downward trend in April, second-hand home prices had climbed nearly 8 per cent so far, bringing the official index to a 22-month high, according to data released on Friday by the Rating and Valuation Department. The latest monthly increment was also larger...
Singapore is planning to expand its gold-storage capacity to become a custodian of bullion held by foreign central banks, part of a broader push by the city-state to compete with Hong Kong as a regional hub for the precious metal. The Monetary Authority of Singapore said Friday it will “look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand.” It...
Singapore is planning to expand its gold-storage capacity to become a custodian of bullion held by foreign central banks, part of a broader push by the city-state to compete with Hong Kong as a regional hub for the precious metal. The Monetary Authority of Singapore said Friday it will “look to provide vaulting services for foreign central banks and sovereign entities to meet potential demand.” It’s also developing “gold-related capital market products to promote price discovery and build liquidity.” In addition, MAS plans to build a clearing system to support over-the-counter settlement for trading gold locally, according to a joint statement with the Singapore Bullion Market Association. Singapore’s ambition to become a major gold-trading hub follows a historic rally for the precious metal underpinned by a search from investors for alternative stores of wealth. Though bullion has retreated since the war began in the Middle East, many central banks – including China’s – have been steadily adding gold over the past few years as a way to hedge against US dollar dominance. As part of its push, the government has established a working group that includes JPMorgan Chase & Co. and UBS Group AG as well as DBS Group Holdings Ltd. , United Overseas Bank Ltd. and ICBC Standard Bank Plc . Bloomberg News first reported the initiative earlier in March. Attracting central banks – the ultimate providers of liquidity, given the large volumes of gold they hold in reserves – will be among the keys to Singapore’s plans, along with support from established financial institutions that serve as market-makers. Together, they form the backbone of the world’s dominant gold-trading hub — London — where billions of dollars’ worth of the metal is traded every day. Globally, central banks hold nearly 39,000 tons of bullion — or about 18% of all gold ever mined — according to the World Gold Council. Even a small share of that market would bolster Singapore’s influence in regional trade that is ...