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Singapore is planning to expand its gold-storage capacity with the goal of becoming a custodian for bullion reserves held by foreign central banks. The move is part of the city-state's broader strategy to rival Hong Kong as a regional hub for precious metals. The initiative signals Singapore's ambition to deepen its role in global finance.

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.