Gold has long been one of the most sought-after natural materials in the world. And it still very much is to this day.
Just taking a look at gold is enough to remind you exactly why it is valued so highly by so many people.
Gold has a pleasant and warm shine rather reminiscent of sunshine. It can also easily be used to make jewelry or even to decorate a home.
The trouble is, with gold’s scarcity, and its immense popularity, it can be quite difficult to get your hands on some of your own.
This high cost is why gold has become so popular as a status symbol, and the perceived status of gold only serves to raise the value even more!
And with gold being a naturally occurring resource, its value can fluctuate massively from day to day, depending on how much is actually available. That’s probably why you’re here today.
You’re seeking to find out just how much you can buy gold for in Singapore, as well as how and where to buy it, and what exactly it is that makes gold so valuable.
Read on below to get answers to some of your most burning questions!
Table of Contents
What Is The Gold Price In Singapore Today?
Let’s start with the most important question. Check below to find the current price of gold in Singapore today! (GOLD PRICE WIDGET HERE)
The current price of gold in Singapore can change massively from day to day, so it’s important that you come back and check this as frequently as possible, to get a good grasp on the current price, and how the market might be being affected by current events or trends.
By keeping up to date on the current price of gold in Singapore, you’ll be ready to strike while the iron is hot when the value dips significantly, and you can grab some of your own for a far lower price.
And don’t stop there! Keep checking back to see whether your new gold increases in value, to see if you can upsell it to make an incredible profit!
What Is The Highest The Gold Price Has Ever Been In Singapore?
There isn’t too much data to point towards the highest ever price that gold has been valued at in Singapore specifically, but it is likely that its value increased very significantly in the summer of 2020.
In August of that year, gold reached a market value of well over $2,000 per troy ounce. This is the highest value gold has ever reached in human history!
But what caused the price to skyrocket as far as it did?
The most likely culprit is probably exactly what you are expecting. The COVID-19 pandemic and its subsequent lockdowns and restrictions caused gold to be seen as more valuable than ever before.
During the pandemic, there was a significant economic downturn, and thus more scarce resources or materials found their prices inflating quite massively.
While many retail stores and shopping malls faced long-term closures, gold investors doubled down on their gold, knowing that its value wouldn’t decrease as a result of the pandemic, but instead increase, as fewer luxury options were available at the time.
What Is The Lowest The Gold Price Has Ever Been In Singapore?
Yet again, there is very little published data to point to a specific point in time when the price of gold in Singapore was at its lowest.
However, global trends around the year 2000 show that that period saw a significant drop in gold value.
This was likely caused by a series of events and changes that occurred over the course of the ‘90s that caused gold to reach its lowest point in 2000.
Within the United States alone, private spending was rare, as many households were experiencing intense debt, and thus had very little disposable income to spend on luxuries such as gold.
Within the rest of the world, Asia experienced a severe economic crisis around 1997 and 1998 which caused massive debts and caused local currencies to decrease in value.
Gold subsequently became much cheaper to make, but fewer people were able or willing to fork out the money for it.
When people have a less private income and less disposable income, then the price of gold will usually fall to accommodate this.
Thus, you can generally expect gold prices in Singapore to be affected by such events. If debts are more publicly shared, then the price of gold will instead increase.
You can easily use past events and their impacts to determine how the value of gold will change in the future.
What Is The Difference Between 22 And 24 Karat Gold?
One of the most important ways in which a piece of gold is valuated is by determining how much gold there actually is within the gold product.
You’ve likely heard the terms ‘22 Karat’ and ‘24 Karat’ before. But what do they actually mean? And what’s the difference?
Karats refer to the level of purity within a piece of gold. The more karats, the purer the gold is.
Thus, the major difference between 22 karat gold and 24 karat gold is the gold content. 22 karat gold is usually slightly cheaper, as at least 10% of it is made up of other metals, usually to strengthen its structure.
24 karat gold is closest to the purest form of gold and thus is the most expensive form.
You can even buy gold products that are well under 22 karats. Such as rings or bracelets which only have around 2 karats.
This helps to give the jewelry a luxury look without the intense luxury price!
What Can Affect The Value Of Gold In Singapore?
As we discussed earlier, worldwide events and trends can have a significant impact on the value of gold. If there is a significant economic downturn, then the price of gold will also likely decrease, as, if people have less money, they’ll be far less likely to spend it on expensive goods.
Singapore saw such events happen during the 1997 to 1998 Asia financial crisis, which did see disposable income reduce, as well as the value of gold.
Of course, supply and demand also play a crucial role in the value of gold. Gold is always in high demand, thanks to its scarcity in its purest form.
Thus, you may often find that day to day, the price of gold changes very little. Gold is most likely to change in value whenever there is a significant worldwide event or economic crisis.
The price of gold can also be affected by a sense of uncertainty within the gold market. If investors in gold believe that the price of gold will see a significant decrease, then they will increase the price shortly before that point, so that they can make a strong profit while they can.
The value of gold might also be affected by the media. If a news article were to discuss fluctuations in gold value, then you may find that the demand for gold increases, and thus the price does too.
It could also be affected by social media, television, or celebrity outfits.
If a popular celebrity is seen wearing lots of high-quality gold, then the value of gold would increase, as more people would be seeking to buy it for themselves, to draw comparisons to their favorite celebrities.
These various factors can affect the value of gold on either a small or large scale, whether it be local to a specific country, a city, or even across the whole world.
Where Can You Buy Gold In Singapore?
There are plenty of retailers within Singapore that stock high-quality gold goods that you can buy from at any time.
Amongst some of the most popular gold retailers within the city of Singapore are Bullion Star, GoldSilver Central, and Central Precious Metals Pte Ltd.
These are just a small few gold retailers that can get you exactly what you are looking for.
And don’t forget to also check out the massive array of online gold retailers that you can also check out.
Many online gold retailers also ship worldwide, so that you can find gold products that you would never otherwise find in Singapore!
But how do you actually shop for gold in Singapore? Is it as simple as walking in, choosing your product, and then paying for it?
In some cases, yes, it is as simple as that. Many gold retailers stock a range of gold products, such as jewelry, and full gold bars. Many of these retailers will also have online stores so that you can purchase remotely, while still supporting a local seller.
Before you purchase gold from anywhere, however, you should check to make sure that the person or the business selling the gold is legitimate.
Check for stores such as the popular ones we listed above, as they are represented by trusted companies who only sell high-quality and genuine gold products.
Check that any retailer you purchase from has proper credentials, and maybe even any awards or certificates.
How Can You Tell If Gold Is Real?
There are a number of things you can do to check whether a piece of gold is legit, or merely a fake. Gold is very heavy, even in low quantities, and thus, it does not float. Fill a small bowl with water, and then drop a gold product carefully into it.
If the gold floats, it is highly likely that it is fake, or that there is just a small enough content of gold within it to keep it from sinking.
Gold will also not tarnish or rust when wet, so if your gold product begins to show imperfections after being dipped in water for an amount of time, then it is extremely likely to be fake.
This is the easiest way to check whether gold is real, but it may not always yield results, and it is far from the most scientifically sound method.
Another way that fake gold makes itself obvious is in how it reacts with your skin. Gold will not cause your skin to discolor, no matter how long you wear it or hold it for. Fake gold on the other hand will lightly tint your skin in a number of colors.
This means that the gold product has simply been made to look like gold without containing much of it. This is a great way to check whether someone else is wearing fake gold, by checking for odd markings around where the gold makes contact with the skin.
Finally, another easy method that you can try at home is to hold a magnet up to your gold product.
Gold is not magnetic, and as such, it should not react when you hold a magnet up close to it. If it does react, it either means that the gold is fake, or that there is only a small concentration of pure gold within the product.
There are also more scientific methods to check whether your gold is real, such as allowing traces of it to interact with nitric acid.
Gold is resistant to acids and oxidation, and thus this can be a very trustworthy way to tell whether a product is made up of genuine gold or not.
However, we don’t all have a bottle of nitric acid in our homes, and thus you should aim to take your gold to a certified professional to get a full and scientific valuation of your gold.
When Should I Invest In Gold?
Generally, it is best to invest in gold when the market price is low. This will generally occur when demand is slightly lower, and supply is higher. This will cause the price to increase dramatically, which will allow you to buy much larger quantities.
When the price of gold increases again, such as when the supply decreases again, then the gold that you had previously invested a small amount into will now be worth much more, allowing you to make a significant profit.
You should aim to follow this pattern every time it occurs, and aim to buy more gold each time, thanks to the profits made from buying and selling, to steadily increase your profits over time.
There are certain things you can look out for to anticipate market fluctuations for gold products.
Keep your eye on the news, to look out for local or worldwide events that may cause changes to the economy on differing scales, and thus affect the perceived value of gold.
If you can see an economic downturn on the horizon, then sell your gold ahead of time, so that you are not left with gold that sells for far less than you purchased it.
In Conclusion
Investing in gold can be incredibly fulfilling, and with the right foresight and market knowledge, you can make a very stable and healthy profit from buying and selling it.
The hardest part is starting in the world of gold investment. We hope we’ve been able to help you take your first steps towards investing in gold, as well as create a resource that you can continue to use well into your gold investment career.
Staying stable in the world of gold investment can be a tricky balancing act that requires some in-depth understanding of how humans and markets operate.
You’ll need to be able to foresee changes in the market, based on current trends, as well as market activity in the past, to be able to see when the market inevitably repeats itself.
The gold price in Singapore can change quite a lot in just a few hours, so make sure to check back here frequently to stay on top of the market!
Frequently Asked Questions
Which Country Is Best For Buying Gold?
Amongst many countries in the world Hong Kong has frequently been listed as one of the best in the world from which you can buy gold.
Gold in Hong Kong is often significantly more affordable than it is anywhere else in the world, which makes it a great place within which to invest in gold to be sold elsewhere.
There is no VAT incurred on purchasing gold products in Hong Kong, which means that every purchase of gold in Hong Kong is far more affordable than a purchase of gold anywhere else in the world.
Gold is also produced and sold within higher quantities in Hong Kong, and thus it can more feasibly be sold for a lower price.
What Kind Of Gold Is The Best?
Generally, the best kind of gold that you can purchase is 24 karat gold.
24 karat gold is gold in its purest form, thus it is incredibly expensive and valuable, thanks to its scarcity. Pure gold also shines slightly better than less pure gold, and thus it can be used to really complete a fantastic outfit.
You are also getting better value for your money in investing in 24 karat gold, as you are always getting the genuine article.
Which Country Has The Most Gold 2021?
The country that currently has the highest quantity of gold is the United States.
Within their reserves, the United States has in excess of 8,000 tons of gold, which completely eclipses any other country in the world.
The second-largest amount of gold in any country is Italy, at just around 2,500 tons! This is a massive difference, and thus it is easy to say that America has a significant corner on the gold market, which also explains why it can be rather expensive there.
