Singapore is set to introduce an over-the-counter (OTC) gold clearing system for its physical gold market, Loco Singapore, by the end of this year. Deputy Prime Minister Gan Kim Yong announced the initiative, which aims to bolster Singapore's position in the global gold trading market. Additionally, the Monetary Authority of Singapore will launch a central bank gold custody service in October. This service will provide gold reserve storage solutions to foreign central banks and sovereign entities, enhancing Singapore's capabilities in gold trading and reserve management.