Precious metals retailer Degussa closing outlet in S'pore

Singapore

An increasingly competitive retail market for gold and silver in Singapore has claimed its first scalp.

Degussa, one of Europe's largest gold and precious metals retailers, will shutter its retail outlet in Singapore only two years after opening, due to margin pressures. The store - its first outside Europe - was initially set to close at the end of October, but this has been extended till the end of November to give its customers more time.