HK expected to stay ahead as Asian precious metals hub
[HONG KONG] Hong Kong will maintain its status as an Asian precious metals hub in the face of competition from Shanghai and Singapore, according to Brink's Co, which is opening a new vault in the city.
The Richmond, Virginia-based maker of surveillance systems and armored trucks should finish the vault early in the fourth quarter, Guy Bullen, senior vice-president for Asia Pacific, said in an interview last week. That will double Brink's gold and silver handling capacity in the city, Mr Bullen said, without elaborating.
China overtook India as the largest gold consumer last year, according to the World Gold Council. Singapore Exchange Ltd will introduce a physical gold contract this year while Shanghai will start international gold trading in the fourth quarter, a government official had earlier said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
Aims Apac Reit posts 10.2% lower H2 DPU on enlarged unit base
Singapore top recipient of Q1 cross-border investments in Apac: Knight Frank
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Bitcoin faces worst month since FTX crash with ETF demand cooling