Singapore is positioning itself to become the region's global precious metals trading and financial hub as it gathered support at the Asia Pacific Precious Metals Conference, that brought together Asia's biggest players in the industry.
The conference, organized by the Singapore Bullion Market Association (SBMA), said Singapore could work as a rotating platform where the ASEAN markets could connect to new business opportunities.
"It is the objective of SBMA to play a pivotal role in building a sustainable precious metals hub in Singapore by bringing together industry players from the bullion markets of ASEAN countries and connecting them to global markets. After all, Asia is the largest gold mining and gold consumption market," SBMA CEOAlbert Chengsaid, according to finews.asia.
After all, Asia is the largest gold mining and gold consumption market"
During the conference, the industry discussed Singapore's potential to be the location for the digitized gold sector to reach out to the region and the world, looking closely at the necessary conditions for the Lion City to become a regional hub.
Major players in the precious metals trade such as World Gold Council, London Bullion Market Association, China Gold Association, The Chinese Gold & Silver Exchange Society, London Metal Exchange, Shanghai Gold Exchange, Myanmar Federation of Mining Association, Myanmar Gold Development Public, Vietnam Gold Trade Association, participants from the ASEAN countries and related organizations from Australia, Canada, China, Democratic Republic of Congo, Germany, Ghana, Hong Kong, India, Italy, Japan, New Zealand, Russia, South Korea, Switzerland, Taiwan, Turkey, UAE, UK, and USA attended the conference that took place in Singapore under the theme 'Building a Sustainable Precious Metals Hub in ASEAN'.
The conference also addressed the environmental, social, governance issues becoming more prevalent in the industry. Traditionally, gold mining has depended on harsh chemicals such as cyanide to extract gold from the ground.
"This is a real issue. This is how the world is moving terms of what expectations are. This is particularly true in terms of investing", World Gold Council chief financial officer Terry Heymannsaid, adding that it is important for the precious metals sector to demonstrate its commitment to responsible business practices, as responsible mining and responsible sourcing are specific challenges the sector must address.
Gold prices rose on Wednesday after hitting a one-week low. Spot gold was up 0.7% at $1,335.34, as of 0724 GMT, after falling to its lowest since June 3 at $1,319.35 in the previous session. US gold futures were up 0.6% at $1,339 an ounce.