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Hong Kong and Singapore have crossed swords over their ambitions to be the world\u2019s gold trading hub, but experts say the city holds an advantage over its Southeast Asian rival, citing its access to mainland China\u2019s robust market.<\/p>\n
As Hong Kong pushes ahead with measures to create an ecosystem for gold trading \u2013 highlighted as recently in the government\u2019s budget late last month \u2013 Singapore has reportedly been courting global heavyweights.<\/p>\n
In response to the South China Morning Post\u2019s queries a rumoured alliance with the world\u2019s major market makers such as JP Morgan and UBS, the Monetary Authority of Singapore (MAS) did not deny the reports and highlighted ongoing engagement with the sector.<\/p>\n
\u201cSince last year, MAS has been actively working with key gold market participants to look at ways to support the growth of the gold market in Singapore,\u201d a spokesperson said.<\/p>\n
Singapore\u2019s central bank added it would share more details on key initiatives in due course.<\/p>\n
Commodities trading, especially in gold and silver, is back in vogue, with precious metal prices shooting through the roof amid growing geopolitical uncertainty.<\/p>\n<\/div>\n