SEATTLE (Scrap Monster): UBS- the Swiss multinational investment bank and financial services announced launch of physical gold trading for Swiss customers by means of its mobile banking application. This is the first bank in the country to launch the facility, said UBS in a release.
The digital gold trading option is basically intended to broaden availability of gold to retail customers. Until now, investors had few options to purchase gold digitally through major financial firm, except through various financial technology firms and companies specialised in precious metals. Last year, Revolut had provided its customers with the option to buy and sell gold held at a financial institution..
The customers will be allowed to trade in quantities as small as 0.1 grams and up to 2 kilograms. The transaction fees have been fixed at 1.4% for transactions valued up to 25,000 Swiss francs and 0.9% for high valued transactions. As of now, the digital gold trading platform has been made available for all Swiss customers. UBS plans to expand the platform internationally in future. Of late, UBS has been trying to expand its business through improvement in digital service offerings.
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