As gold prices have climbed to historic levels through 2026, so has something less welcome: counterfeit gold. Dealers across Singapore have reported a noticeable rise in fake pieces turning up in the secondary market, many made from copper or nickel and coated with a thin layer of real gold, according to reporting by VnExpress International, citing Channel News Asia. One local dealer told CNA he had lodged 50% more police reports than during the same period last year, after repeatedly encountering suspicious sellers trying to offload counterfeit items.
How Convincing Have the Fakes Gotten?
The dealer, who wasn't named in the report, said he now encounters as many as five counterfeit pieces a week — ranging from buyers seeking authentication for online purchases to individuals trying to resell questionable gold outright. Some of the fakes are so-called "sand gold," designed specifically to mimic the look and weight of genuine gold, and in certain cases use materials like tungsten, which has a density close enough to real gold that even standard testing equipment can struggle to catch it without cutting into the piece to test the core directly.
That last detail matters more than it might first appear. Gold's weight-to-size ratio has traditionally been one of the simplest ways to spot a fake — real gold feels notably heavier than it looks for its size. Tungsten-core counterfeits are specifically engineered to defeat that instinct, which is part of why dealers say even experienced buyers are getting caught out, and why professional testing rather than a visual or feel check has become increasingly necessary even for people who've bought gold safely for years.
Why This Is Happening Now
The timing isn't a coincidence. Gold surpassed US$5,100 an ounce for the first time in January 2026, and even after retreating somewhat, has remained above US$4,400 — a rise of roughly 46% year-on-year, per the same VnExpress report. Rising prices cut both ways for counterfeiters: they make faking gold more profitable, since even a thin layer of real gold over a base metal can now be sold at a meaningful markup, while simultaneously pushing more sellers toward informal, peer-to-peer channels — WhatsApp groups, livestream sellers, online marketplaces — where verification is harder and buyers are more likely to let their guard down chasing a good price.
Dealers interviewed for the report were consistent on one point: a price that looks significantly better than the day's spot rate is the clearest warning sign of all. Gold is a globally priced, transparent commodity — there's no legitimate reason a private seller would offer it meaningfully below market value unless something about the transaction doesn't add up.
The Regulated-vs-Unregulated Distinction Matters More Than Ever
One detail worth understanding is why some gold sellers can make bold claims about pricing or purity while others can't. Licensed jewellers operating storefronts in Singapore are subject to regulatory oversight and professional accountability that private sellers, livestream vendors, and informal online marketplaces simply aren't. That's not a reason to distrust every online seller outright, but it is a reason to weight a listing's legitimacy heavily when the price looks unusually attractive — a licensed retailer generally has far less incentive, and far less room, to misrepresent what they're selling than an anonymous seller does.
What Buyers Can Actually Do About It
The practical takeaway isn't to be afraid of buying gold — it's to be deliberate about where you buy it. Purchasing from licensed, established retailers rather than private sellers or unverified online listings removes almost all of this risk, since reputable jewellers have both the equipment and the professional obligation to verify what they're selling. If you're ever accepting gold from an unfamiliar source — including old family pieces being appraised or sold — insisting on proper testing (ideally XRF or density testing, not just a visual check or a magnet test) before any money changes hands is the single most effective safeguard available to an everyday buyer. Keep the receipt and any certification paperwork too — beyond proving authenticity if a dispute ever arises, it makes any future resale or trade-in far more straightforward.
A Note From Starlight Jewellery
Every piece in our wide collection — whether it's one of our lightweight rings or a statement piece for a special occasion — is sold with full purity transparency, so you never have to wonder what you're actually getting. And if the cost of a genuine piece feels like a stretch at today's prices, our Buy Now, Pay Later option lets you take it home now and spread the payments, rather than being tempted by a "deal" from an unverified source that turns out to be exactly that. A modestly priced, genuine piece will always be a better long-term purchase than a bargain that turns out to be nothing more than gold-plated disappointment.