How to Start Investing in Gold and Silver in Singapore: A Beginner's Guide

Why Singapore Is One of the Best Places to Invest in Precious Metals

If you are new to investing in gold or silver, Singapore offers a uniquely favourable environment. Investment Precious Metals (IPM) that meet the Inland Revenue Authority of Singapore's criteria are fully exempt from the 9% Goods and Services Tax (GST). On top of that, there is no capital gains tax in Singapore, meaning any profit you make from selling gold or silver is yours to keep. These two advantages alone make Singapore one of the most cost-efficient places in the world to build a precious metals portfolio.

As of early April 2026, 24-karat gold is trading at around S$205 per gram, with gold futures on COMEX hovering near US$4,700 per ounce. With prices at historic highs and global uncertainty persisting, many Singaporeans are looking at precious metals as a way to preserve wealth and diversify beyond equities and property.

Understanding Your Options: Physical vs Paper Gold and Silver

There are two broad categories of precious metals investment: physical ownership and financial instruments (often called "paper" gold or silver). Each has its own trade-offs in terms of cost, convenience, and risk.

Physical Gold and Silver

Physical bullion — bars, coins, and wafers — gives you direct ownership of the metal with no counterparty risk. For GST exemption to apply, gold must be at least 99.5% pure and refined by an LBMA-accredited refiner. Silver bullion must be at least 99.9% pure to qualify.

Where to buy physical gold and silver in Singapore:

• •BullionStar — One of Singapore's most popular bullion dealers, offering a wide range of gold and silver bars and coins with competitive premiums.
• •GoldSilver Central — A well-established dealer with both online and walk-in options.
• •Silver Bullion (The Safe House) — Specialises in silver and offers allocated vault storage.
• •UOB Main Branch — Singapore's only bank that sells and buys back physical gold. Note that as of early 2026, purchases require an appointment due to high demand.

When buying physical bullion, always factor in the premium above spot price, storage costs, and insurance. A bank safe deposit box or a professional vault service are the most common storage solutions.

Gold Savings Accounts

If you want exposure to gold prices without the hassle of storing physical metal, a Gold Savings Account (GSA) is a convenient entry point.

• •UOB Gold Savings Account — Minimum purchase of 5 grams. From April 2026, a monthly service charge of 0.25% per annum applies. UOB allows conversion of your balance into physical gold bars (by appointment).
• •OCBC Precious Metals Account — Lower entry point at just 0.01 troy ounce (approximately S$65), making it ideal for beginners. Physical conversion is not available.

Note that gold savings accounts are not covered by the Singapore Deposit Insurance Corporation (SDIC), and you cannot use CPF or SRS funds for these accounts.

Gold ETFs

Exchange-traded funds (ETFs) offer the easiest way to gain gold exposure through your regular brokerage account. They are liquid, low-cost, and require no storage.

• •SPDR Gold Shares (SGX: GSD) — The most popular gold ETF on the Singapore Exchange. It is backed by physical gold, has an expense ratio of 0.40% per annum, and is eligible for both CPF Ordinary Account (CPFIS) and Supplementary Retirement Scheme (SRS) funds. This makes it the go-to choice for most Singaporean investors.
• •US-listed alternatives — SPDR Gold MiniShares (GLDM) has a very low expense ratio of just 0.10%, but non-US investors should be aware of potential US estate tax implications for holdings above US$60,000.

Gold Mining Stocks

Investing in gold mining companies like Barrick Gold (GOLD) or Newmont Corporation (NEM) gives you indirect exposure to gold prices, with the added possibility of dividends. However, mining stocks are more volatile than physical gold and are influenced by company-specific factors such as production costs, management quality, and regulatory risks.

Key Tax Advantages for Singapore Investors

Singapore's tax framework is exceptionally friendly for precious metals investors:

1. GST Exemption — Qualifying IPM (gold at least 99.5% pure, silver at least 99.9% pure, platinum at least 99.0% pure) are exempt from the 9% GST when purchased from approved dealers.
2. No Capital Gains Tax — Profits from selling gold or silver are not taxed in Singapore.
3. CPF and SRS Eligibility — The SPDR Gold Shares ETF (GSD) on SGX can be purchased using CPF-OA funds under the CPFIS scheme and SRS funds, allowing you to invest tax-advantaged retirement savings in gold.

How Much Should a Beginner Invest?

Most financial advisors suggest allocating 5% to 15% of your portfolio to precious metals as a hedge against inflation and economic uncertainty. For beginners, starting small and using a dollar-cost averaging (DCA) strategy — investing a fixed amount at regular intervals — is a prudent approach, especially when prices are near all-time highs.

If you are just starting out with a small budget, the OCBC Precious Metals Account (from approximately S$65) or the SPDR Gold Shares ETF via a brokerage account are the most accessible entry points. As your confidence and capital grow, you can consider adding physical bullion for the security of direct ownership.

Practical Tips for New Investors

• •Buy from reputable sources only. Counterfeits exist. Stick to established dealers, banks, and SGX-listed ETFs.
• •Understand the spread. The difference between the buy and sell price (the spread) is a real cost. Compare spreads across dealers before purchasing.
• •Keep records. Even without capital gains tax, maintaining purchase records is good practice for tracking your portfolio performance.
• •Diversify within precious metals. Gold and silver often move differently. Silver has stronger industrial demand drivers, while gold is more purely a monetary metal.
• •Review storage costs. If you hold physical metal, factor in annual vault or safe deposit box fees when calculating your total return.

Getting Started Today

The best first step is to open a brokerage account if you do not already have one. Platforms like DBS Vickers, Saxo Markets, FSMOne, Tiger Brokers, and Moomoo all allow you to buy gold ETFs listed on SGX or US exchanges. For physical bullion, visit BullionStar or GoldSilver Central to compare current premiums and product options.

Precious metals investing does not have to be complicated. With Singapore's tax advantages, a range of accessible products, and reputable dealers, building a gold and silver position has never been more straightforward for local investors.