Swiss-based Metalor to set up gold refinery in Singapore

Precious metals refiner Metalor Technologies will build a gold refinery and bullion
product manufacturing plant in Singapore, which will be completed by the second half of 2013, the Swiss-based company said in a statement on Monday.

The refinery in Singapore, which will have an initial investment of US$15 million ($18.4 million), will complement the company's existing facilities in Switzerland, the United States, Hong Kong and mainland China, it said.

Singapore has exempted investment-grade gold and other precious metals from a seven percent goods and services tax to spur the development of gold trading, which may lift demand for gold bars and coins in the fourth quarter and into 2012.