Quick Read
- OCBC launches physical gold trading and custody in Singapore on June 10, 2026.
- Services include 400-ounce and 1kg allocated gold bars.
- BOS reported a 40% increase in physical gold holdings since late 2025.
- The move shifts custodial operations from the US to Singapore.
Strategic Shift to Local Custody
OCBC announced that starting June 10, 2026, it will offer physical gold trading and custody services directly from Singapore for its institutional clients and high-net-worth customers of Bank of Singapore (BOS). The move marks a pivot away from the bank’s previous reliance on US-based entities for physical precious metals transactions.
The new service focuses on allocated gold bars, specifically 400 troy ounce (approximately 12.4kg) bars and 1kg kilobars. Unlike unallocated arrangements, these bars are uniquely identified by serial numbers, granting clients direct ownership of specific bullion stored in Singapore-based vaults.
Market Drivers and Demand
The expansion follows a significant surge in interest for physical assets. According to Bank of Singapore, client holdings in physical gold have grown by over 40% since the end of 2025, driven largely by ultra-high-net-worth investors. OCBC cited World Gold Council data indicating that global demand for gold bars in the first quarter of 2026 was 50% higher than the same period in 2025.
“By leveraging OCBC Group’s strengths, we will be able to deliver a secure, trusted and differentiated physical gold offering that addresses our clients’ risk concerns,” said Jason Moo, CEO of Bank of Singapore. Kenneth Lai, Head of Global Markets at OCBC, added that the initiative serves as a strategic expansion of the bank’s market-making capabilities, with plans to eventually broaden the service to additional client segments.
Singapore as a Gold Hub
Industry analysts note that the move aligns with Singapore’s growing role as a neutral clearing and distribution center for gold in Southeast Asia. By localizing the custodial chain, OCBC provides a hedge against geopolitical and macroeconomic uncertainty, allowing clients to maintain physical assets within a stable, local regulatory environment. This physical offering complements the bank’s existing suite of gold products, including fractional gold on its mobile app, the LionGlobal Singapore Physical Gold Fund, and the recently launched GOLDX token.