Singapore builds gold clearing with JPMorgan, UBS

Singapore is launching its first domestic gold clearing system in 2026 with help from JPMorgan and UBS, aiming to capture Asian physical demand as flows shift east from London. The Monetary Authority of Singapore has been meeting with banks for months to design infrastructure for large bar and kilobar settlement, positioning the city as a regional gold hub with no import tariffs on investment-grade gold. Unconfirmed reports suggest JPMorgan relocated its 50-trader gold desk from New York to Singapore, though the bank has not officially confirmed the move. The timing aligns with central banks accumulating gold and strains appearing in Western paper markets, as Singapore leverages its neutral jurisdiction and Asian time zone advantage.