Singapore makes another bid for Asia to help set gold price
By GCRU Gold News on Monday, October 17 2016, 23:54 - Permalink
Singapore will study the possibility of bringing the gold benchmark pricing in London to users in Asia, in a move that would also allow market participants in the world's top consuming region to help set the price of bullion.
The Singapore Bullion Market Association, London Bullion Market Association and Intercontinental Exchange Benchmark Administration (IBA) will launch a joint feasibility study on the development of "LBMA pre-AM gold price at 2 pm Singapore time", Lim Hng Kiang, minister for trade and industry and deputy chairman of the Monetary Authority of Singapore, told an industry conference on Monday.