ANZ opens another gold bullion vault in Asia at the Singapore FreePort

It can store US$2.13 billion worth of gold.

ANZ Bank last week opened its second gold bullion vault in Asia at the Singapore FreePort. The facility is capable of storing 50 metric tonnes of gold. ANZ has similar vaults in Hong Kong, Perth and Zurich.

ANZ forecasts gold prices to hit US$1,400 an ounce in 2014 and US$1,500 in 2015, reflecting its positive outlook despite gold’s 21% fall in price. Goldman Sachs, however, foresees lower gold prices with the inevitable withdrawal of monetary stimulus next year by the U.S. Federal Reserve.