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The Ultimate Guide to Buy Gold Bars in Singapore

The Ultimate Guide to Buy Gold Bars in Singapore

What are those shinier than stars? They are our gold bars! Gold bars in Singapore are bubbling with demand and the constant growing interest that precious metal lovers harbour in their hearts.

Since 1973, Singapore has allowed residents to deal with all forms of gold, opening golden opportunities for everyone to rethink their future financial security. Gold bars are known not just for their undeniable shine and appeal but also for their ability to withstand economic crises and diversify investment portfolios.

If you have been daydreaming about getting your hands on some glistening gold bars, this article is for you. Because it is absolutely vital that you understand all the things about gold bars in Singapore before you invest in them. By making an informed decision, you will be able to reach your investment goals, and simultaneously, you can be happy as well. 

Understanding Gold Bars as an Investment in Singapore.

Gold Bars

Gold bars in Singapore act as a great window to peek into the world of gold investment from physical gold. As a form of physical gold, gold bars are tangible, meaning you can literally hold them in your hands. Many people prefer to invest in gold in this form as it can be even more stable than a national currency itself to liquidate or sell when you are in need of cash.

Purity and Karatage.

When investing in gold bars, it is important to understand their quality and karatage of gold. According to the Singapore Assay Office (SAO), investment-grade gold bars should have a minimum gold purity of 99.5% pure gold, meaning they would have a hallmark of 995 from the SAO. For the rest of the karatage gold bars, it is allowed to use other metal alloys such as Copper and Silver to facilitate smelting, which helps extract the pure gold during liquidation. However, even though the minimum purity is set at 99.5%, most gold bars in Singapore have 99.9% pure gold, which means your gold bars are 24 karat.

Types of Gold Bars in Singapore.

When it comes to the kind of gold bars in Singapore, you will find there are mainly two kinds called, cast gold bars and minted gold bars. The difference between these two is the manner of manufacturing.

Traditionally cast gold bars are made by pouring melted gold into a predetermined mould to get the signature shape. Nowadays, jewellers would put pieces of gold metal or gold granules into the mould and melt it which is a method commonly used to make petite gold bars. Hallmarks or any other signatures are applied manually or by a machine press to guarantee the origin and authentication.

Minted gold bars are made using a cast bar that has been rolled to perfection in measurements and cut by a machine that has coded to get the right weight and size. Unlike cast gold bars, minted gold bars have smooth and neat surfaces all around and are made in other shapes, such as round or oval as well. These are also known as gold ingots or gold wafers. Usually, minted bars sell at a higher price than cast bars.

Factors to Consider when Buying Gold Bars in Singapore.

Gold Bars

Here are the aspects you have to be mindful of when you are shopping for gold bars to make sure you make the right purchase and the right investment for you.

Setting Your Investment Goals.

Don't get carried away with all the gorgeous gold bars in Singapore. Before you start shopping and buying, work on defining and refining your intentions and reasons for your decision to invest in gold bars in Singapore. Ask yourself, what do I intend to do by investing my money in a gold bar? Do I have short-term goals or long-term goals for this process? How much return am I hoping to get for the gold bars in the future? How much of a risk am I willing to take when investing? Goal setting at the beginning of the experience can point you in the right direction without wasting your time.

Budget and Affordability.

The ideal dream of all precious metal lovers is not to have to worry or even think about the budget. While that may be the reality when buying gold bars in Singapore, it is advisable to think about how much you can comfortably spend while making sure the investment is worthy of the future. When buying gold bars in Singapore, you will have to pay a premium over the spot price, which is the added monetary value of the gold metal to the market value of a gold bar. Gold bars are priced by their weight, type and karatage. Make sure your selection fits within your budget and is aligned with your investment goals to make a satisfying transaction.

Choosing a Reputable Seller.

When you purchase gold bars in Singapore, it is important to choose your jeweller wisely to make sure the process goes smoothly and without stress. Your jeweller should be someone who is trusted not just by you but also by a majority of gold lovers, which acts as a symbolic certification of their loyalty. A good jeweller is a transparent, interactive, supportive individual with a high level of knowledge of gold and gold products for investment. If you already don't have a preferred and trustworthy jeweller in mind, pay attention to things like advertising, licensing, customer reviews, star ratings, and experience in the field to find one.

Understanding Storage and Security.

It is important to keep in mind that investment does not end at the point of purchase when you invest in gold bars in Singapore. Taking the proper precautions and measures to keep your gold bars safe is important to secure your investments. Choosing a storage space for gold bars in Singapore depends on your budget and preferences. Many gold investors choose bank deposit boxes to store their gold bars in Singapore safely. However, you can also use Safe Houses in Singapore or your insured personal safe at home to safeguard your gold investments.

Certification and Verification.

When you invest in gold bars in Singapore, just like when buying other gold products, you should absolutely seek proper documentation. This includes the certification guaranteeing the authenticity, value and purity of the gold bar or gold bars you intend to buy. These documents will not only secure you as the owner and investor officially but also enable you to resell or liquidate your investment in the future for a worthy return. Singapore Assay Office offers to verify certification for all genuine gold bars.

The Buying Process: A Step-by-Step Guide.

Gold bars and chart

So, how exactly would you go about investing in gold bars in Singapore? Here's how.

Do a pilot research on prices and options.

    Better to know the waters before you dive nose first! To figure out what your best fit might be, research the prices at the time of your intended purchase and about your available options and how these align with your goals, preferences and financial flexibility.

    Choose and contact a dealer.

      Choose your trusted and reputable dealer to purchase your gold bars from and contact them ahead of your purchase. You can ask all the questions you have and learn more about your decision as well. You can contact the dealers online or in person at your convenience.

      Negotiate prices.

        Now this is where your knowledge about the gold market and prices comes in handy. Once you have decided what exactly you want to invest in you can negotiate a fair and worthy price for your gold bars in Singapore.

        Finalising the transaction.

          When you seal the deal ensure you are getting all the proper documentation and receipts for your investment and storing the gold bars in a safe and sound facility whether it is your own house or a bank.

          Frequently Asked Questions.


          Are there taxes for buying gold bars in Singapore?

          No, there are no taxes to face when buying gold bars in Singapore, as after 2012 gold products were exempted from taxes to encourage trading.

          Where can I buy gold bars in Singapore?

          You can buy gold bars in banks, online retailers and bullion dealers to make sure you get to make a worthy investment.

          How do I store my gold bars?

          The safest places for storage would be a bank deposit box or a safe house in Singapore, as both provide a high level of cutting-edge technology to safeguard your gold bars. However, you can also store them in a safe in your home.

          All in all,

          Buying gold bars in Singapore may not be rocket science but as you now know it is an important and intricate process where you have to consider a number of aspects. From researching the options, and prices, choosing a trustworthy dealer, goal setting, budget planning, contacting and negotiating the transaction and deciding on safe storage to securing proper documentation is what makes the process of buying gold bars exciting.

          If you are looking to learn more about buying gold bars in Singapore you can contact one of our experts at Starlight Jewellery through our website. Remember to think your decisions through and take your time when investing in gold bars but most of all remember to enjoy the experience of building yourself or your loved ones a safer future.