Gold’s Rollercoaster July — Is Now a Good Time to Buy in Singapore?

Not sure if you’ve been watching the gold price this month, but it’s been moving like a yoyo on caffeine. I’m talking about those big swings — like, S$50 up, S$30 down, sometimes in the same week. Got a few friends texting me out of the blue: "Eh Ribkin, buy now or wait huh? Gold so high, but everyone panic leh." Honestly, it’s been quite a kopi-shop topic lately, so just wanted to share my own take.

July Madness — What’s Really Going On?

So, first, the big move. July opened with gold sitting just above S$3,350 per ounce. By mid-month, we hit S$3,400, even saw some dealers listing closer to S$3,420. Not gonna lie, that’s wild — I haven’t seen numbers like that outside those COVID panic days. Then, of course, a sharp pullback last week. Silver also tried to play catch-up, but more on that later.

Why the drama? Couple of factors, lah:

• •US Fed still not cutting rates. Powell keeps teasing, but no real action yet. Gold hates high rates, so every FOMC meeting becomes a circus.
• •China’s been steadily buying more gold reserves again. Every time that news leaks out, traders go crazy. The spillover hits us in Asia faster than you’d think.
• •Inflation’s not as dead as the headlines claim, can tell from supermarket prices lor. Maybe CPI drops one month, but eggs still $7 a tray. People feel it, so physical demand stays strong.
• •Singapore dollar actually held up quite well against USD this month. Saved our skin a bit — if SGD had weakened, gold would’ve jumped even higher here. You can track the SGD spot price directly on BullionStar, by the way. Super useful.

My Read — FOMO or Wait and See?

I’ll say it straight: I didn’t expect the surge to hold. Whenever everyone gets excited and thinks, "This is it! New record incoming," I get itchy to take profit, not buy more. But selling physical gold isn’t as easy as just clicking ‘sell’, hor. You’ve gotta plan ahead, and be clear on why you want to cash out.

Personally, I bought a few Britannia coins back in June when prices were slightly softer. Now, I’m just chilling. Not adding new gold at these levels — yet. Why? Because July’s run-up feels sentiment-driven, not structural. There’s no real catalyst, just more people afraid of missing out. That’s when premiums start to creep up, and you end up paying more than you should.

Silver and Platinum — Worth a Look?

Meanwhile, silver’s still the cheeky younger sibling. Shot up above S$38, dropped to S$36, then back up a bit. Platinum went nowhere, to be honest, just hovering in that boring S$1,600–S$1,650 zone. I get why everyone’s excited about silver when gold gets expensive, but remember — silver’s more volatile, and the buy/sell spread is a killer in Singapore. I usually tell newbies: Don’t chase silver unless you’re okay with some rough rides. The upside’s nice if you catch a rally, but the drop can sting.

As for platinum, I still like it for long-term portfolio balance, but demand here is pretty tepid. If you see a good deal, maybe grab a bar or two, tuck away and forget for three years. That’s honestly all you can do.

The Crowd — More Buyers or Sellers?

Chatting with dealers and other regulars, I’m hearing the same thing: More newbies buying small amounts, like 1g and 5g bars. That’s classic FOMO mode. Every time gold gets headlines, people rush to buy tiny pieces — but the old-timers like me are just watching. Some even selling back older stock, taking profit on gold they bought at S$2,700-S$2,900 range.

Not sure if you noticed — PAMP and Argor bars sold out pretty quickly on some platforms. BullionStar still has plenty of Britannia coins and LBMA bars, but the small pieces disappear fast. That tells me the crowd is retail, not institutions. When big money comes in, you’ll see the 1kg bars vanish first.

What’s Next? (And What I’m Doing)

So, will gold keep running? Or are we looking at a short-term peak? My gut says more sideways chop for the next two months. Don’t expect a massive correction — there’s just too much uncertainty with US politics, China, and the Middle East simmering. But, no obvious rocket fuel to send gold to S$3,600 either, unless something blows up.

If you’re buying now, be patient lah. Don’t rush to dump all your cash in at this level. If you missed out in June, start a small position — maybe DCA (dollar cost average) in across a few weeks. Prices could swing, but it’s better than all-in at the peak. And if you’re holding old gold, maybe review your stack and see if you want to take some profit, rebalance into silver or platinum, or just sit tight.

I get it — the urge to do something is strong when markets are moving. But sometimes, the best move is to wait, have a kopi, and watch everyone else panic.

One Last Note — Don’t Forget GST

Remember, in Singapore, GST only doesn’t apply for LBMA “Investment Precious Metal” (IPM) bars and coins. If you suddenly buy some fancy collectible, you kena 9% GST for nothing. Stick to recognised bullion products. Check out my earlier post on the GST rules if you’re unsure, or just stick with trusted dealers and ask.

Okay, that’s my quick read for July’s gold rollercoaster. Have fun stacking (or waiting), and let me know if you scored any bargains this month.