Where to Buy Gold in Singapore: Banks, Dealers, and Online

Your Complete Guide to Singapore's Gold Market

Singapore stands as one of Asia's premier gold trading hubs, offering investors a diverse ecosystem of trusted sources for purchasing physical gold. Whether you're a first-time buyer seeking the security of major banks or an experienced investor hunting for competitive premiums, understanding where to buy—and how to evaluate each option—ensures you build your gold position wisely.

This guide breaks down Singapore's gold market into four main channels: major banks, specialized bullion dealers, online platforms, and traditional marketplaces. Each offers distinct advantages in pricing, selection, convenience, and service quality. Let's explore how to navigate these options effectively.

Major Banks: Institutional Trust Meets Convenience

UOB Bank: Singapore's Leading Physical Gold Provider

United Overseas Bank dominates Singapore's banking sector for physical gold sales. UOB offers a comprehensive range of investment-grade gold bars from 1 gram to 1 kilogram, sourced exclusively from internationally recognized refiners including PAMP Suisse and ARGOR-Heraeus. The bank publishes daily transparent pricing on its website, updated in real-time based on global spot rates.

What makes UOB attractive: Your gold purchase is backed by one of Singapore's most trusted financial institutions. The extensive branch network across Singapore means convenient access, and you can integrate gold purchases with your existing banking relationship. Safe deposit boxes are readily available for those who prefer bank storage over home storage.

Important 2025 Update: Starting March 1, 2025, UOB requires customers to hold a UOB Singapore Current or Savings account to sell gold back to the bank. If you purchased gold from UOB before this date, you can still sell back with proof of purchase regardless of account status. This policy change makes UOB more suitable for customers planning to maintain a banking relationship with them.

Trade-offs to consider: UOB's premiums typically run 2-5% above spot prices for bars—slightly higher than specialized dealers. Product variety focuses on popular sizes rather than comprehensive selection. Branch operating hours may not suit investors who prefer evening or weekend purchases.

Other Major Banks: Limited but Reliable Options

DBS and OCBC occasionally offer physical gold products, though availability varies and both banks have historically focused more heavily on gold savings accounts, certificates, and structured products rather than maintaining comprehensive physical gold inventories. If you maintain banking relationships with these institutions, contact your branch directly to inquire about current physical gold offerings and pricing.

Specialized Bullion Dealers: Expertise and Competitive Pricing

Silver Bullion: Comprehensive Services with Vault Storage

Operating since 2009, Silver Bullion combines online convenience with physical retail presence at their Millenia Walk location. They've built a reputation for extensive product selection spanning gold bars from multiple international refiners, coins from various sovereign mints, and comprehensive silver offerings. Their integrated vault storage facility operates in Singapore's Free Trade Zone, potentially offering tax advantages for qualifying investors.

Key advantages: Competitive premiums often 1.5-4% over spot for standard bars, significantly wider product selection than banks, seamless integration between purchasing and secure vault storage, and strong educational resources including market analysis and buying guides. Their online platform provides 24/7 purchasing access with transparent real-time pricing.

Considerations: As a specialized dealer, Silver Bullion lacks the institutional weight of major banks. However, their decade-plus operating history, transparent business practices, and positive customer reviews have established solid credibility within Singapore's precious metals community.

BullionStar: Premium Retail Experience

BullionStar operates a physical showroom alongside professional vault facilities, emphasizing the tangible experience of precious metals investment. Their retail space allows customers to view, handle, and compare products before purchasing— particularly valuable for first-time buyers who want to experience the weight and quality of physical gold firsthand.

Why investors choose BullionStar: Dedicated precious metals expertise means staff can address technical questions about purity, refiner differences, and investment strategies. Competitive pricing rivals or beats bank premiums. Comprehensive buyback programs provide clear exit strategies. Their vault storage integrates seamlessly with purchases.

Potential drawbacks: The Orchard Road location may not be convenient for all Singaporeans. As a smaller specialized company, they lack the institutional backing of banks—trust must be earned through research and customer reviews rather than institutional reputation.

GoldSilver Central: Growing Presence in Singapore

A newer entrant to Singapore's bullion market, GoldSilver Central has quickly established a presence offering competitive pricing and a solid product range. While less established than Silver Bullion or BullionStar, they've gained traction among price-conscious investors seeking alternatives to bank premiums.

Peninsula Plaza: The Traditional Gold Hub

Located at 111 North Bridge Road, Peninsula Plaza houses Singapore's most concentrated collection of gold dealers and jewelers. This multi-story shopping center features numerous shops selling gold bars, coins, and jewelry in a competitive marketplace environment. The density of dealers can yield favorable pricing through comparison shopping and negotiation.

Advantages for experienced buyers: Competition among multiple dealers can drive prices down, sometimes achieving 1-4% premiums over spot for standard bars. The ability to visit several dealers in one trip facilitates efficient comparison shopping. Some dealers may negotiate on larger purchases. Product diversity includes both investment bars and cultural/collectible items.

Significant cautions: Dealer reputation and quality vary dramatically. Unlike banks or major dealers with established reputations, Peninsula Plaza requires careful due diligence on individual shops. Transparency can be inconsistent— not all dealers clearly display premiums or buyback policies. Language barriers may complicate transactions for some buyers. The environment can feel overwhelming for first-time purchasers unfamiliar with negotiating or verifying product authenticity.

Recommendation: Peninsula Plaza suits experienced buyers comfortable with independent verification, negotiation, and assessing dealer credibility. First-time buyers should start with banks or major specialized dealers to build market knowledge before navigating this traditional marketplace.

Online Platforms: Convenience Meets Transparency

The Digital Advantage

Online gold purchasing has matured into a legitimate, convenient option for Singapore investors. Reputable online dealers display real-time pricing updated continuously based on spot rates, making price comparison effortless. Lower overhead costs compared to physical retail often translate to tighter premiums—typically 1-3.5% over spot for standard bars from established online dealers.

Most major Singapore dealers now operate sophisticated online platforms alongside physical locations. Silver Bullion and BullionStar both offer comprehensive online purchasing with the same products available in their retail spaces. Some international dealers ship to Singapore, though import considerations and shipping costs may offset any premium advantages.

Online Buying Best Practices

Before purchasing online, verify dealer legitimacy thoroughly. Check business registration with Singapore's Accounting and Corporate Regulatory Authority (ACRA). Read customer reviews across multiple platforms—look for patterns in feedback rather than isolated comments. Research the company's operating history—dealers with multi-year track records demonstrate stability.

Understand shipping and insurance policies completely. Reputable dealers insure shipments at full value and require signature upon delivery. Domestic Singapore deliveries typically arrive within 1-5 business days. Factor delivery time into your planning—gold prices can fluctuate during transit, though your purchase price is locked at checkout.

Consider integrated storage options if you prefer not to take delivery at home. Many online dealers offer direct-to-vault purchases where your gold never leaves professional storage, combining online convenience with maximum security.

Comparing Prices: Understanding Premiums and Fair Value

How Gold Pricing Works in Singapore

All legitimate dealers base prices on the international spot gold rate, quoted in USD per troy ounce on global markets. They convert this to Singapore dollars using current exchange rates, then add premiums covering refining, manufacturing, distribution, overhead, and profit margins. When comparing dealers, focus on premiums over spot rather than just absolute prices—dealers offering similar products should show comparable premiums.

Typical Premium Ranges by Source (2025)

Major Banks: 2-5% over spot for standard bars, 4-8% for coins. Higher premiums reflect branch overhead, institutional compliance costs, and trust premium. UOB typically sits in the middle of this range.

Specialized Dealers: 1.5-4% for standard bars, 3-7% for coins. Lower overhead and competitive market positioning enable tighter spreads. Silver Bullion and BullionStar generally offer premiums at the lower end for common products.

Online Platforms: 1-3.5% for standard bars from Singapore-based dealers. Reduced overhead costs from not maintaining extensive retail spaces enables the market's tightest premiums.

Peninsula Plaza Dealers: Negotiable, potentially 1-4% for standard bars from reputable dealers. However, lack of transparent pricing means you must compare multiple shops and negotiate. Less reputable dealers may attempt higher markups on uninformed buyers.

Factors Affecting Premium Variations

Smaller bars carry higher premiums per gram due to greater manufacturing costs relative to gold content. A 1-gram bar might have a 5-8% premium while a 1kg bar might be just 1-2% over spot. Popular refiners (PAMP Suisse, ARGOR-Heraeus) command modest premiums over lesser-known brands due to global liquidity. Specialty products like Lunar bars or coins naturally carry collectible premiums above standard bars.

Product Selection: What to Look For

Refiner Reputation Matters

Stick exclusively with internationally recognized refiners: PAMP Suisse (Switzerland), ARGOR-Heraeus (Switzerland), Perth Mint (Australia), Royal Canadian Mint (Canada), Valcambi (Switzerland), and Metalor (Switzerland). These brands ensure global liquidity—you can sell these bars anywhere in the world with minimal questions. Their quality standards are unimpeachable, and their authentication features protect against counterfeiting.

Lesser-known refiners might offer marginally lower premiums, but they create resale challenges. Many buyers and dealers hesitate to purchase bars from unfamiliar refiners, potentially forcing you to accept significant discounts when selling. The modest upfront premium savings rarely justify future liquidity problems.

Bar Size Availability

Different dealers emphasize different size ranges. Banks typically focus on 1g-100g bars suitable for retail investors making smaller, regular purchases. Specialized dealers usually stock complete ranges from 1g to 1kg. Some online dealers concentrate on popular sizes (10g, 100g, 1kg) to maximize inventory efficiency. Consider which sizes align with your investment strategy when choosing where to buy—limited selection may force compromises on optimal bar size.

Service Quality: Beyond Just Price

Educational Resources and Transparency

Quality dealers invest in customer education through market commentary, buying guides, and product comparisons. This isn't just altruism—dealers who educate customers build long-term relationships rather than maximizing single-transaction profits. Silver Bullion and BullionStar both maintain extensive educational content. Dealers who answer questions patiently and provide detailed information demonstrate commitment to informed customer decisions.

Buyback Policies: Your Exit Strategy

Before purchasing anywhere, understand buyback terms explicitly. Reputable dealers buy back products they sold, typically at 1-3% below current spot price. Verify these spreads upfront—wider buyback spreads directly reduce your net investment returns.

Banks and major dealers usually maintain transparent, published buyback policies. Smaller dealers may have less favorable or unclear terms. Some Peninsula Plaza dealers offer minimal buyback documentation, making future sales uncertain. Always get buyback terms in writing or clearly stated on invoices.

Note that most dealers only buy back products originally purchased from them, though exceptions exist. Keep all original documentation, packaging, and certificates—these significantly affect buyback rates and ease.

Red Flags: Protecting Yourself from Scams

Singapore's gold market is generally trustworthy, but caution remains essential. Avoid dealers exhibiting these warning signs:

• Prices significantly below market rates: If pricing seems too good to be true, it probably indicates counterfeit products or outright scams. Legitimate dealers cannot sustainably undercut market rates by large margins.
• High-pressure sales tactics: Claims that "prices are increasing tomorrow" or "limited quantity available only today" designed to prevent comparison shopping.
• Unclear or evasive communication: Difficulty getting straight answers about premiums, fees, buyback policies, or product specifications.
• Unverifiable business presence: Dealers without verifiable physical addresses, business registration, or online presence beyond a phone number.
• Documentation reluctance: Unwillingness to provide detailed receipts, certificates of authenticity, or proper invoices.
• Unknown refiner products: Bars or coins from unrecognized refiners or mints, especially if offered at "discount" prices.
• Unconventional payment methods: Requests for payment via cryptocurrency, wire transfers to foreign accounts, or other untraceable methods rather than normal banking channels.

Making Your First Purchase: Practical Steps

For First-Time Buyers

Start with established banks like UOB or major specialized dealers like Silver Bullion or BullionStar. These institutions provide security, transparency, and guidance suitable for beginners. The modest premium difference compared to more aggressive pricing channels is worthwhile for the peace of mind and educational support.

Begin with smaller denominations—10g or 1oz bars—to familiarize yourself with the purchasing process, pricing dynamics, and physical handling before committing larger amounts. This "learning purchase" helps you understand what to expect and builds confidence for larger investments.

Don't rush. Take time to visit showrooms if possible, ask questions, compare options, and make informed decisions. Legitimate dealers never pressure customers—gold investment is a long-term strategy that benefits from careful consideration.

For Experienced Investors

Once comfortable with market dynamics, explore multiple dealers to optimize pricing. Compare premiums across banks, specialized dealers, and online platforms for your preferred bar sizes. Consider online platforms for better premiums on standard products when you're confident in dealer legitimacy.

Build relationships with preferred dealers. Regular customers sometimes receive preferential pricing, early access to special products, or reduced buyback spreads. For large purchases (particularly above 100g or 1kg), don't hesitate to negotiate— dealers may reduce premiums on significant orders, especially repeat customers.

Diversify your dealer relationships strategically. Using multiple dealers provides pricing comparison, reduces dependency risk, and gives access to broader product selection. However, maintain organized records—tracking purchases across multiple dealers requires diligent documentation.

Timing Your Purchase: Strategy Over Perfection

Resist the temptation to perfectly time the market. If you've decided to allocate capital to gold, spread purchases over time through dollar-cost averaging rather than attempting to catch absolute bottoms. This strategy reduces timing risk and removes emotional stress from purchasing decisions.

That said, exercise basic common sense. Avoid buying immediately after dramatic price spikes—wait for consolidation or minor pullbacks. Gold's volatility means patience of even a few days often presents better entry points. Monitor price charts casually rather than obsessively—your goal is reasonable pricing, not perfection.

For large purchases, compare multiple dealers before committing. Premium differences of 1-2% on significant amounts represent substantial absolute savings. Spending an hour comparing options on a $10,000 purchase could save $100-200—worthwhile return on your time.

Conclusion: Choosing Your Optimal Path

Singapore's gold market offers excellent options across institutional banks, specialized bullion dealers, online platforms, and traditional marketplaces. Your optimal choice depends on your priorities, experience level, and investment size.

For beginners: Start with UOB or major dealers like Silver Bullion and BullionStar. Pay the modest premium difference for institutional security, transparent pricing, and educational support. This foundation lets you learn market dynamics with minimal risk.

For price-conscious investors: Once knowledgeable, explore specialized dealers and online platforms for tighter premiums. The 1-2% savings on standard bars adds up over time, particularly on larger purchases.

For experienced negotiators: Peninsula Plaza offers potential savings through competitive pricing and negotiation, but requires careful dealer verification and market knowledge.

Regardless of where you buy, always verify dealer legitimacy, understand complete costs including premiums and fees, confirm buyback policies in writing, and insist on proper documentation. By choosing reputable sources and making informed decisions, you'll build your gold position efficiently, securely, and at fair value. Singapore's well-regulated, transparent market makes gold investment accessible—approach it with knowledge, patience, and appropriate caution for optimal results.