Reflecting continued strong demand for gold (GLD, IAU) in Asia, UBS opens a 60-ton vault in...

|By:, SA News Editor

Reflecting continued strong demand for gold (GLD, IAU) in Asia, UBS opens a 60-ton vault in Singapore - the bank's first-ever storage location outside of Switzerland. Deutsche Bank last month opened a 200-ton vault in Singapore as well. The moves also follow the government's decision to scrap a goods-and-services tax on the metal in a bid to boost domestic demand.