Short answer: you can buy gold in Singapore through bullion dealers, bank gold accounts, online platforms, gold ETFs, or jewellery shops. Physical gold bars meeting IRAS purity criteria are exempt from GST; jewellery is not. Which route suits you depends on whether you want to own metal, hold price exposure, or wear it.
Here’s each option, honestly compared.
1. Bullion dealers
Singapore has an established dealer market. BullionStar, Silver Bullion, GoldSilver Central and Indigo Precious Metals all operate physical premises where you can buy bars and coins over the counter, and The Singapore Mint sells commemorative and bullion coins.
Good for: buying a specific bar or coin, taking it away the same day, dealing face to face.
Consider: smaller denominations carry higher premiums per gram, and you’ll need somewhere to store what you buy.
2. Bank gold accounts
UOB and OCBC both offer gold accounts that let you take price exposure without handling metal. Terms differ between them — including whether and how holdings can be converted into physical bars — so read the product documents rather than assuming they work the same way.
Good for: convenience if you already bank there, and small entry amounts.
Consider: dealing hours are generally bank hours rather than around the clock, and you should check exactly what you own — metal, or a claim on the bank.
3. Online platforms selling physical gold
A newer category: you buy physical gold online, it’s vaulted for you, and you can sell it back or take delivery. FinMet operates in this category.
Good for: buying in small amounts without paying a fabrication premium on every transaction, and not having to solve storage yourself.
Consider: check whether specific bars are recorded in your name, who the custodian is, and what redemption costs.
4. Gold ETFs
Units in a fund that owns gold, bought through a brokerage account. Low cost, highly liquid, easy to hold alongside other assets.
Good for: price exposure inside a portfolio.
Consider: you own fund units, not metal. Physical delivery is generally restricted to institutional participants.
5. Jewellery
The gold is real, but you’re also paying for design, craftsmanship and retail markup — and jewellery is subject to GST because it doesn’t qualify as Investment Precious Metals. On resale, it’s typically valued on gold content rather than what you paid.
Good for: wearing.
Where to store it
If you buy physical gold and take it away, storage becomes your problem to solve.
At home. Free, immediate, entirely under your control. Check your home insurance carefully — most policies cap precious metals at a low limit, or exclude them.
Safe deposit box. Offered by banks and private operators in Singapore. Secure and private, though availability is limited and boxes are often waitlisted. Contents are generally not insured by the operator, so you’d arrange cover separately.
Vaulted with the provider. The gold stays in a professional vault, usually insured, and you avoid moving it. The questions to ask are whether specific bars are recorded in your name, who the custodian is, whether you can verify your own holdings independently, and what storage costs.
GST on gold in Singapore
Singapore doesn’t exempt all gold. IRAS exempts qualifying Investment Precious Metals (IPM).
For gold to qualify, it must meet criteria including a minimum purity of 99.5%, be in a form such as a bar, ingot or wafer, and meet bullion-market acceptance requirements. Certain investment-grade coins also qualify under a specific IRAS list.
Jewellery, decorative items and non-qualifying products remain subject to GST at the prevailing rate.
This is worth checking before you buy, because two items containing similar gold can be taxed completely differently.
Choosing between them
Four questions cut through most of it:
- Do you want to own metal, or price exposure? Metal points to dealers or platforms. Exposure points to ETFs or bank accounts.
- Where will it live? If you don’t have secure storage, a vaulted option removes the problem.
- How much are you buying? Small amounts carry high premiums as individual bars; platforms selling from one gram avoid fabricating a bar per transaction.
- How will you sell? Check the buy-back price before you buy, not after.
There isn’t a single best route. There’s the one that matches what you actually want gold to do.
Frequently asked questions
Is gold GST-free in Singapore? Only qualifying Investment Precious Metals. Gold bars must meet IRAS criteria including a minimum purity of 99.5%, plus form and market-acceptance requirements. Jewellery and non-qualifying items are taxable.
What’s the minimum amount of gold I can buy in Singapore? It depends on the provider. Dealers typically start at a 1g bar or a small coin. Some online platforms sell from one gram. Bank gold accounts often have low minimums but don’t always involve physical metal.
Is it better to buy gold bars or coins? Bars usually carry lower premiums per gram. Coins can carry an additional collectability premium tied to mintage and condition, which may or may not be recoverable when you sell.
Where can I store gold in Singapore? At home, in a safe deposit box, or in a professional vault through your provider. Check insurance in each case — home policies often exclude or cap precious metals, and safe deposit contents are usually not insured by the operator.
Can I buy gold online in Singapore? Yes. Dealers sell online for collection or delivery, and platforms sell vaulted physical gold with the option to sell back or take delivery later.