JPMorgan has reopened an underground gold vault in New York that was shut in the 1990s, in the latest sign of the soaring appetite for precious metal, The Financial Times reported.
Investors are piling money into gold in record quantities, pushing the price on Friday to a record nominal high of more than $1,320 a troy ounce. That has made the vaulting business highly lucrative, since banks often charge a small percentage of the value of the gold stored, the FT reported.
The vault reopened by JPMorgan last month joins a handful of others in Manhattan, including those owned by HSBC and the Bank of Nova Scotia, and the largest gold depository, the Federal Reserve Bank of New York’s facility, which holds reserves from 36 countries, the FT reported.
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