The Monetary Authority of Singapore (MAS) said on 10 November 2026 that foreign central banks can now keep gold in Singapore’s national currency vault, which holds up to 500 tonnes. The MAS gold vault announcement came with a plan, made jointly with the Ministry of Finance, to waive GST on wholesale gold services such as vaulting and refining from around April 2027.
None of this changes what an individual pays for a gold bar today. It is about making Singapore a bigger centre for the gold trade between institutions. Here is what was announced and what it does and does not mean for you.
What MAS Announced on 10 November 2026
The MAS media release covers four things:
| Measure | Who it is for | Timing |
|---|---|---|
| Gold vaulting in the national currency vault (up to 500 tonnes, with room to expand) | Foreign central banks, international financial institutions, sovereign entities | Launched 10 November 2026 |
| Gold custody accounts at MAS | Selected Singapore-based bullion banks | Announced; no start date given |
| GST waiver on wholesale gold services | Institutional participants | Expected April 2027, details at Budget 2027 |
| SGX gold clearing system and Gold Kilobar Futures | Banks and futures traders | Clearing live 1Q 2027; futures targeted 2Q 2027 |
The short version: this is plumbing for the wholesale gold market. Retail gold buyers keep the same rules as before, and investment-grade gold is still GST-exempt for individuals.
The MAS Gold Vault: Who Can Use It
MAS says the service lets foreign central banks, international financial institutions and sovereign entities hold gold reserves in Singapore. MAS will also offer gold custody accounts to selected bullion banks based here, so they can provide trading liquidity to those institutions.
Central banks have been heavy gold buyers. The World Gold Council reported net central bank purchases of 321 tonnes in the third quarter of 2026 alone. Our Q3 2026 central bank gold story has the detail.
The Wholesale Gold GST Waiver
Individuals already pay no GST on investment precious metals that meet IRAS rules, such as qualifying gold bars of at least 99.5% purity. Jewellery is different: GST applies. Our guide to GST on gold in Singapore explains which items qualify.
What changes is at the wholesale level. MAS says the GST waiver will extend to specified services related to investment precious metals between institutional participants, including vaulting, refining or recasting, assaying and broking. It is expected to take effect in April 2027, with details at Budget 2027.
SGX Gold Clearing and Gold Kilobar Futures
SGX Group and six founding clearing banks (DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB) are building a gold clearing system. MAS expects preparations to finish by the end of 2026, with live trading in the first quarter of 2027.
SGX is also targeting the second quarter of 2027 for Gold Kilobar Futures, a contract settled by delivering physical gold. Futures are leveraged products used mainly by professional traders; losses can exceed what you put in.
What It Means for Gold Buyers in Singapore
For a household buying a few bars or coins, very little changes for now:
- Prices are still set by the world gold market. A deeper local market may, over time, help dealers source and store metal, but MAS made no promise about retail prices.
- GST on qualifying investment gold stays at zero, and jewellery still carries 9% GST.
- The risks are the same. Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest. Gold fell 6.3% in October 2026 alone, according to the World Gold Council.
If you are weighing up gold, our guide to where to buy gold in Singapore compares dealers, UOB and SGX gold ETFs, and the gold premium calculator shows what a quote costs you above the spot price.
What To Do Next
- Read the MAS release yourself if you work in or with the gold trade; the GST details come at Budget 2027.
- If you buy gold, check that the item qualifies as investment precious metal before you pay, and get the buy-back price on the same day.
- Read our guide on how to buy gold in Singapore for the routes and costs.
- Do your own due diligence. This is general information, not a recommendation to buy gold.
