ANZ Singapore Launches New Gold Account

Vanessa Doctor

9 June 2011

ANZ Singapore has launched a new gold account which can be transacted in various currencies, a move which chimes with the continued popularity of the precious metal as a "safe haven" investment amid uncertain economic times.

ANZ's Gold Account works with the US, Singaporean, Australian dollar and New Zealand dollars, sterling and yen. Among its features are the ability to buy and sell gold at prevailing market rates in minimum transaction quantities of 30 troy ounces, and access to gold buying and selling prices based in various world currencies. The objective is to securely and conveniently hold and transact paper gold without the storage costs or purity risks of investing in the physical product.

"The new account reflects ANZ's strong capability in natural resources," the firm said in a statement. "ANZ has a unique and long-term agreement with The Western Australian Mint that ANZ to supply gold bullion in various forms to commercial buyers and central banks, in Asia-Pacific and beyond."

Demand for gold is riding high in Asia, particularly in the powerhouses of China and India. To cite just one indicator, according to the World Gold Council, gold demand in China rose an impressive 70 per cent in 2010.