Financial institutions are increasingly looking to Asian gold hubs like Singapore and Hong Kong for storage and trading, according to a DBS Bank survey released on November 10, 2026. The survey, conducted by Kantar in September, found that half of the central banks polled expressed interest in tapping these hubs, drawn by new state-backed infrastructure. Slightly more than half of asset managers and banks shared this sentiment, though only a quarter of central banks are actively evaluating Asia-based gold hubs for storing official reserves.
Central banks hold gold to diversify reserves and guard against inflation and other risks. Li Zhen, head of foreign exchange and precious metals for global financial markets at DBS, highlighted that trusted infrastructure, modern clearing and settlement, and financial product innovation are transforming access to gold. The survey noted that Singapore and Hong Kong are intensifying efforts to establish themselves as leading regional gold hubs, with Singapore leveraging its financial and wealth management strengths and Hong Kong acting as a gateway to mainland China.
Singapore has set plans to boost its position as a gold trading center, including developing gold-related capital market products and building a clearing system for over-the-counter trades. Banks in Singapore, such as DBS and OCBC, are expanding their vaulting space to meet growing demand. Meanwhile, Hong Kong aims to increase its gold storage capacity by more than 10 times to over 2,000 tonnes by 2030 and launch a central clearing and settlement system for gold in the first quarter of 2027.
The survey also found that most central banks and private financial institutions expect gold exchange-traded funds or derivatives to see the strongest growth over the next 12 months. Tokenised gold, which refers to physical gold turned into a digital token, was viewed as having strong growth potential, even though it currently accounts for only around 4% of aggregate gold exposure across surveyed financial institutions. DBS announced in June that it will offer tokenised physical gold to retail customers as demand for the precious metal increases.