In an age of economic uncertainty, gold continues to shine as one of the most trusted safe-haven assets for investors across the globe. In mid-2025, with inflationary pressures persisting, geopolitical conflicts in key regions escalating, and volatility rippling through equity markets, gold prices have soared—recently breaching US$3,500 per ounce, with forecasts suggesting they may surpass US$4,000 by mid-2026. For both new and seasoned investors, this has reignited interest in the yellow metal as a resilient store of value and a hedge against instability.

Singapore stands out as one of the best places in the world to invest in gold. Its zero-GST policy on Investment Precious Metals (IPMs), strong rule of law, and reputable bullion market make it a natural hub for gold buyers in Southeast Asia. Whether you’re looking to own tangible bars, gain exposure via ETFs, or dip into digital gold through bank-linked savings accounts, there are multiple avenues tailored to different goals and risk profiles.

This article explores the four main ways to invest in gold in Singapore in 2025, outlining their advantages, drawbacks, and how to get started—empowering you to make informed investment decisions.

The 4 Ways to Invest in Gold in Singapore

A. Physical Gold (Bars, Coins, Jewellery)

Description:
Physical gold refers to direct ownership of tangible gold—typically in the form of bullion bars, investment-grade coins, or jewellery. While jewellery offers aesthetic and cultural value, it often carries high premiums, making it less suitable for pure investment.

Pros:

• Full control and ownership with no counterparty risk.
• Potential for long-term capital appreciation.
• Investment Precious Metals (bars and coins that meet purity criteria) are GST-exempt.
• Jewellery can serve dual roles—investment and adornment.

Cons:

• Storage and security concerns—requires a home safe, safety deposit box, or private vault (e.g., Silver Bullion, Le Freeport).
• Less liquid than ETFs or digital gold.
• Higher premiums due to fabrication, design, and distribution costs (especially for jewellery).

How to Get Started (2025):

• Where to buy: Trusted dealers such as BullionStar, GoldSilver Central, Indigo Precious Metals, or banks like UOB (note: from 1 March 2025, UOB only buys from customers with existing UOB accounts).
• Checklist: Ensure LBMA accreditation, understand buyback policies, and explore storage options.
• Tip: Compare premiums before purchasing—coins often carry higher costs than bars.

B. Gold Exchange-Traded Funds (ETFs)

Description:
Gold ETFs offer exposure to gold prices without physical ownership. These are traded like stocks on exchanges and reflect the spot price of gold.

Pros:

• Highly liquid and easy to trade.
• Lower capital requirement (can invest in small units).
• No concerns about storage or insurance.
• Certain SGX-listed ETFs are CPF-approved, such as SPDR Gold Shares (up to 10% of Ordinary Account funds).

Cons:

• Indirect ownership—investors do not hold the underlying gold.
• Subject to management fees (expense ratios reduce returns over time).
• Slight counterparty risk with ETF providers.

How to Get Started (2025):

• Popular ETFs:
  • SGX-listed: SPDR Gold Shares (SGX: O87 or GSD.SI)
  • US-listed: SPDR Gold Trust (GLD), iShares Gold Trust (IAU), Aberdeen Standard Physical Gold Shares (SGOL)
• Where to invest: SGX brokerages like DBS Vickers, OCBC Securities, and PhillipCapital. For US-listed ETFs, platforms like Syfe Trade, moomoo, and Interactive Brokers.
• Tip: Prefer Ireland-domiciled ETFs to avoid U.S. estate tax issues on holdings above USD 60,000.

C. Gold Savings Accounts / Precious Metals Accounts

Description:
These are interest-free accounts with banks that allow you to buy and sell gold in small, fractional amounts. The gold is held on your behalf without physical delivery (unless requested).

Pros:

• Suitable for beginners and small-scale investors.
• Fully digital—buy/sell gold via banking platforms.
• No storage hassles.
• Offers ease of diversification alongside existing bank holdings.

Cons:

• No direct ownership—investor depends on the bank’s solvency.
• Subject to spreads and administrative fees.
• New rules may limit physical delivery or resale (e.g., UOB’s account-holder clause from March 2025).

How to Get Started (2025):

• Available through:
  • UOB Gold Savings Account (minimum: 5 grams)
  • OCBC Precious Metals Account (minimum: 0.01 troy ounces)
• Fees: Typically include buy/sell spreads and administrative charges.
• Tip: Always check updated T&Cs before transacting, especially with banks’ evolving compliance policies.

D. Gold Mining Stocks / Gold-Related Funds

Description:
These investments provide indirect exposure to gold by investing in companies involved in mining, exploration, and refining, or via funds that hold a portfolio of such stocks.

Pros:

• Potential for dividend income.
• Leverage to gold prices—stock performance may outperform gold during bull runs.
• Available via traditional brokerages and robo-advisors.

Cons:

• Stock prices are influenced by factors beyond gold (e.g., labour costs, debt, political risks).
• Greater volatility than physical gold.
• Company-specific risks—poor management or geopolitical issues can affect returns.

How to Get Started (2025):

• Direct Stocks: Consider global leaders like Barrick Gold (NYSE: GOLD) or Newmont Corporation (NYSE: NEM).
• Funds & ETFs: Look into unit trusts like Ninety One GSF Global Gold Fund or diversified commodity funds.
• Platforms: Saxo Markets, FSMOne, DBS Vickers, and robo-advisors like Syfe or StashAway.
• Tip: Ensure the fund’s focus is on physical gold producers rather than broader commodity or mining indexes.

Important Considerations Before Investing in Gold

Define Your Investment Goals:
Are you seeking a hedge against inflation, a safe store of value, or portfolio diversification? Gold isn’t typically income-generating but serves as a defensive asset.

Understand Costs:
Consider all potential charges—premiums, spreads, storage, management fees, and trading commissions. These can impact your net returns over time.

Verify Authenticity:
When buying physical gold, ensure you are dealing with reputable, LBMA-certified dealers. Always ask for certificates of authenticity.

Fluctuating Prices:
While gold is seen as a stable long-term asset, short-term price volatility is common. Avoid panic-buying or emotional selling.

Tax Implications:
Singapore currently does not impose capital gains tax on gold sales. However, investors are advised to check IRAS for updates or consult a tax advisor if unsure.

Due Diligence is Key:
Research thoroughly before choosing any investment platform. Check licensing, regulatory compliance, and customer reviews. For financial products, visit MoneySense Singapore for investor resources.

Conclusion

Gold remains a timeless asset, and in 2025, Singaporeans are spoilt for choice when it comes to investing in it. From physical bullion to gold ETFs, bank-linked savings accounts, and gold mining stocks, each method has its unique benefits and trade-offs.

Ultimately, the best choice depends on your financial objectives, risk appetite, and desired level of involvement. Whether you’re building long-term wealth or hedging against inflation, gold can play a valuable role in a well-diversified portfolio.

Take the next step—explore your options, compare platforms, and consult a financial advisor to tailor your gold strategy to your personal goals. After all, in uncertain times, a golden shield may be just what your portfolio needs.