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May 10, 2010, 4:57 a.m. EDT

J.P. Morgan plans gold vault in Singapore

HONG KONG (MarketWatch) -- J.P. Morgan (NYSE:JPM) said Monday it will open a gold storage facility in Singapore later this year designed to meet rising demand from retail and institutional investors looking to store their bullion in multiple locations. The facility, due to open in the third quarter, will accommodate physical settlement of futures contracts involving a variety of precious metals, in addition to gold, for regional exchanges. It will also function as a vault for exchange-traded funds as well as other transactions involving physical settlement in which J.P. Morgan is involved. The bank said the facility will leverage expertise from its London-based operations, where it operates a commercial vault.