Major Swiss-based precious metals refiner Metalor is looking into building a gold refinery in Singapore following the Southeast Asian city-state's decision to scrap goods-and-services tax on bullion, Chief Executive Scott Morrison told Dow Jones Newswires.
The construction of a gold refinery would come at a time of rising demand for the metal in Singapore, as the tax exemption boosts investor interest both domestically and internationally, according to market participants. It could also shift the flow of gold raw materials to Singapore from other refining centers including Australia--the world's second-largest producer of the yellow metal--and Japan. Full story
