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KIS GOLD PRICES PLAYING CRUCIAL ROLE IN DEVELOPMENT OF ASIA GOLD HUB

By KALLANISH INDEX SERVICES

Situated at the crossroads of Asia, Singapore has been rapidly establishing itself as a leading gold trading hub in Asia over the past decade. With its stable political environment, transparent regulatory framework and world-class financial ecosystem, coupled with solid logistical infrastructure, Singapore possesses all the key strategic advantages that make it an ideal hub for the precious metals industry.
To further solidify Singapore’s development as Asia’s gold trading hub, only a few additional ingredients are needed. Crucially, the regional market has lacked a US dollar price discovery mechanism for gold during Asian business hours. As a result, most gold market participants have no option but to reference the LBMA’s gold benchmark price, which is issued at the end of the business day in Asia.
With the support of the Singapore Bullion Market Association (SBMA), Kallanish Index Services (KIS) is playing a crucial role in facilitating price discovery and market transparency during the trading day in Asia. KIS works closely with market participants that are directly involved in gold bullion spot market trading to compile and publish average daily premiums and discounts of specified kilobar products (see table) for both bids and offers relative to London spot price at 12:00 midday Singapore time. KIS employs a data-driven methodology that fully complies with IOSCO principles and the EU benchmark regulations.
Product: Freshly minted (virgin) kilobar and Recirculated kilobar
Quality: 0.9999 purity from credited refineries on LBMA Good Delivery List
Pricing Points: Investor/wholesale prices loco Singapore, loco Hong Kong and loco Bangkok, delivered to Brinks, Malca or Loomis vaults
Quantity: 25 kg
Timestamp: 12:00 midday Singapore time; Publication at 12:30 pm Singapore time
Currency units: US$/troy oz (to 2 decimal places)
The graph shows how KIS premiums for loco Singapore and Bangkok remained relatively comparable and flat during the first 16 weeks of 2024, ranging from US$0.87/oz to US$1.10/oz*. In contrast, premiums for loco Hong Kong during the same period exhibited greater volatility, fluctuating from US$1.38/oz to US$3.27/oz, attributable to both local demand factors and exports to China.

KIS Asia Gold Premiums and Gold Spot Price (US$/oz)

KIS GOLD PRICES PLAYING CRUCIAL
Source: KIS Gold Repor
Unusually, premiums for loco Hong Kong remained elevated after the Chinese New Year festival, a period typically associated with higih gold demand, extending into March before easing. This surge in premiums appears to be driven by increased demand from China, despite record highs in the Shanghai gold price. Factors like a weakened yuan, slumping property market, and stock market sell-offs likely prompted both retail and institutional investors towards gold as a safe haven for risk mitigation.
Meanwhile, Shanghai gold premiums over spot during this period exhibited significant volatility, ranging from a discount of US$10.39/oz to a premium of US$86.65/oz.
As with every price discovery process, the more market participants submit data, the more accurately the reference prices compiled reflect real-world transaction prices. KIS therefore invites all companies involved in buying or selling gold kilobars in Asia to apply to join its Data Provider network. Your involvement will enhance market transparency and support informed decision-making across the industry. Your price submissions will be treated with the strictest confidentiality, and in return, you will receive a complimentary subscription to the daily KIS Gold Service.
* KIS gold price premiums reflect the mid-point of the average bid and ask premiums over spot reported by market participants for each location.
SBMA Crucible-30-KIS
Kallanis Index Services

About Kallanish Index Services (KIS):

A subsidiary of Kallanish Ltd, KIS specialises in compiling price indices for commodity markets using a rigorous, data-driven methodology. KIS is independent and impartial, and works closely with market participants to compile the price indices and other essential industry data they need for business success. KIS provides subscribers daily market prices, data and insights for the gold and hydrogen sectors. KIS brings together a dynamic team of analysts based around the world, led by Steven Randall, a founder and former head of The Steel Index. Find out more at www.kallindex.com.
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SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

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Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

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Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

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Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

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Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

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Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

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Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.