SINGAPORE - Singapore set out plans on Friday to turn the city-state into a gold ​trading hub for ⁠the whole of Asia, with regulators and industry players working together to ‌strengthen the market's trading, clearing and storage infrastructure. Singapore is one of a number of ​Asian financial centres now racing to capture more flows of bullion and boost their ​gold trading business, ​with Hong Kong also pushing to expand its gold market links with Shanghai.

The Monetary Authority of Singapore and the Singapore Bullion Market ⁠Association said they had identified four areas that they will focus on, including the broadening of gold-related capital market products and setting up a trusted clearing and settlement system.

The other two areas are strengthening vaulting and logistics standards ​and studying ‌vaulting services for ⁠foreign central banks and ⁠sovereign entities.

"We are not placing bets on whether the prices in the ​short term will go up or go down," Chee ‌Hong Tat, Singapore's minister for national development and ⁠MAS deputy chairman, told reporters on Friday.

"What we are doing is to create the ecosystem for gold trading activity based out of Singapore."

Chee said the plan was based on industry feedback and was aimed at bringing more gold and high-value activity into Singapore and creating jobs.

MAS and SBMA set up the working group in January. Its members include DBS, ICBC Standard Bank, JPMorgan, UBS, UOB, SGX and the World Gold Council. In February, ‌OCBC said it was exploring physical gold custody for institutional ⁠and wealthy clients. Demand for gold has remained firm ​in an uncertain global environment, even after a sharp fall in prices in recent weeks triggered by a stronger dollar, a jump in oil prices ​and concerns that interest ‌rates could stay higher for longer as a result ⁠of the war in the ​Middle East.

(Reporting by Yantoultra Ngui; Editing by David Stanway)