Southeast Asia’s largest stockmarket operator will start trading a 25 kilo gold bar contract as soon as next month. The Singapore Bullion Market Association (SBMA), The Singapore Exchange and the World Gold Council said the contract is unique and is the start of centralized kilo bar gold market.

The contract is made up of 25 1 kilo bars of at least 99.99% fineness, brand new and refined by an approved supplier and stored in a taper proof box.

Gold and silver sales in Singapore have soared as a result of the government removing the Goods and Services Tax which was previously levied on the metals.

Singapore is competing with both Shanghai and Hong Kong to become Asia’s premier gold trading centre.