Family offices cheer MAS’ lifting of precious metals cap, but do not expect a gold rush
Industry players say higher holdings of physical precious metals can supercharge Singapore’s gold hub ambitions
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[SINGAPORE] When gold prices hit a record high of around US$5,500 an ounce in January, certain family offices and fund managers were forced to reduce their holdings in order to continue enjoying tax incentives.
Since Aug 1, they have no longer faced such a constraint.
The Monetary Authority of Singapore (MAS) announced the removal of the 5 per cent cap on holdings of physical precious metals for investment funds and family offices who come under the Section 13O and Section 13U tax-exemption schemes.
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