Cheapest place to buy gold in Singapore.

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In a detailed exploration of the gold market in Singapore, an experienced investor named Sean offers valuable insights into various avenues for purchasing physical gold. Driven by a desire for portfolio diversification and the potential tax advantages of investing in precious metals, Sean delves into four prominent options available to prospective gold buyers in Singapore: UOB Bank, Bullion Star, Indigo Precious Metals (IPM), and the global platform APMEX.

 Here are some of the places where you can find gold at competitive prices:

  1. Best Option UOB: UOB (United Overseas Bank) is Singapore’s sole bank that offers the sale and purchase of actual gold, as well as the issuance of gold certificates. Sean highlights the inherent convenience of buying gold directly from a traditional banking institution. UOB stands out for its unique offering of gold bars, bullion coins, and certificates to its clientele. Sean elaborates on the two modes of transaction, one involving a straightforward cash-to-gold exchange and the other utilizing a linked bank account for seamless transactions. Despite its attractive competitive pricing, Sean acknowledges that UOB’s comparatively restricted variety of products might discourage those seeking a more diverse range of options.
  2. ValueMax Jewellery: ValueMax Jewellery is a reputable place to buy gold in Singapore. They offer investment-grade gold, silver, and platinum, which are exempt from the 7% goods and services tax.
  3. is an online platform that provides high-quality gold with good value for physical gold purchases in Singapore.
  4. Abiraame Jewellers: Abiraame Jewellers is a well-known gold shop in Singapore that offers a wide range of gold jewelry and bullion.
  5. BullionStar: BullionStar is a trusted dealer in Singapore that offers a variety of gold and silver bullion bars and coins. They also provide secure storage options for precious metals. Shifting focus to Bullion Star, Sean emphasizes the role of this private precious metals dealer in providing a wide array of gold, silver, and platinum products. While Bullion Star surpasses UOB in terms of variety, Sean takes note of the strategic advantage in its central location, enhancing accessibility for buyers. He commends Bullion Star for its customer-centric approach, which contributes to a positive purchasing experience for investors.
  6. Indigo Precious Metals (IPM), a dealer specializing in gold and silver, with a showroom offering a range of options. Sean lauds IPM for its competitive pricing and reliable customer service, though he acknowledges that its product selection is somewhat more limited compared to Bullion Star. IPM’s prime location in the central area of the city is highlighted as a draw for those who prioritize both convenience and variety.

If you’re solely interested in bullion investment, UOB is a straightforward option. However, for a more diverse range, consider other bullion shops. Just keep in mind that selling back may come with penalties if not done at the original shop.

BullionStar offers a wide variety but tends to be pricier. They occasionally have flash sales worth checking out. GoldSilverCentral, Indigo Precious Metals, and are smaller dealers likely offering better prices. It’s advisable to compare prices among them.

UOB’s gold may be slightly more expensive, but their gold savings program offers a cheaper alternative to physical bullion. Carousell can also offer good deals from reputable sellers.

For those interested in purchasing jewelry as an investment, understanding gold categorization (999, 916, etc.) and craftsmanship is crucial. Craftsmanship significantly influences jewelry prices, often more than the gold itself. Consider factors like gold type, weight, and craftsmanship to gauge value accurately.

Regarding buying gold in Singapore, price discrepancies between Indian and Chinese goldsmiths are noticeable. Mustafa often offers lower prices due to lower operating costs compared to mall-based stores like Poh Heng. Poh Heng’s advantage lies in its buyback policy, which offers better rates for their own gold compared to external purchases.

Ultimately, whether investing in bullion or jewelry, thorough research and price comparison are essential to make informed decisions.

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