LONDON Jan 30 UBS and Credit Suisse
, which dominate the Zurich gold market, raised their
charges for holding bullion according to clients and people
familiar with the banks cited by The Financial Times.
The newspaper reported on Wednesday that the move is
designed to persuade clients to take direct ownership of their
gold in "allocated accounts," making the bank simply a
According to unnamed people familiar with the bank's
thinking, the decision forms part of broader efforts to reduce
the size of balance sheets.
Traders told the newspaper that fees vary from client to
client with the increase in the region of 20 percent.
Credit Suisse declined to comment according to the FT but
said it was "adjusting its charges for precious metal accounts
for financial institutions."
Neither Credit Suisse nor UBS were available for immediate
comment when contacted by Reuters.