J.P. Morgan to set up gold vault in Singapore

The bank has announced the launch of a precious metals vaulting facility in Singapore as global investors find refuge in gold.

J.P. Morgan will open a precious metals vault in Singapore in the third quarter of this year, according to a release issued by the US bank earlier this week. The timing could hardly be better.

Gold prices have surged as investors seek a safe haven from financial markets reeling from the European debt crisis. Gold for June delivery, the most active contract, reached $1,239.60 an ounce in intraday trading on Globex yesterday after closing at a record high on Tuesday. The price denominated in euros has risen more than 25% this year, also breaking record ground. And inflows into gold exchange traded funds ETFs have soared.

At its precious metals headquarters in London,...

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