UOB Gold Price: Daily Rates and How to Start Investing

Amidst the COVID-19 outbreak, we have all grown accustomed to expecting the unexpected, from the latest updates about the pandemic to the highs and lows of the stock market. However, during this time of market uncertainty, gold prices are at an all-time high. Investors have been flocking to this safe-haven class asset.

That said, gold is an attractive option to diversify your portfolio. So how can you buy gold? One of the best options is to buy it from UOB. 

UOB is the only bank in Singapore that offers: 

  • The sale and purchase of physical gold
  • The issuance of gold certificates
  • A savings account dedicated to either gold or silver

If you purchase gold through UOB, you will be exempted from Goods and Services Tax (GST) in Singapore as it qualifies as Investment Precious Metals (IPM). 

UOB Gold & Silver Price Chart

Thinking about buying gold? Check out this link to know the current rates on UOB.

Remember, rates change daily and may change without prior notice. That said, they must not be taken as an offer to contract. Here is a sample of gold and silver prices as of the date of writing:

Rates as of 21 May 2024

ARGOR CAST BARSGD100 GM10614.0010471.00
ARGOR Heraeus Lunar BarSGD10 GM1138.001045.00
ARGOR Heraeus Lunar BarSGD1 OZ3377.003255.00
CAST BARSSGD1 KILOBAR105456.00104729.00
PAMP GOLD BARSSGD100 GM10638.0010471.00
PAMP GOLD BARSSGD50 GM5357.005234.00
PAMP GOLD BARSSGD20 GM2175.002092.00
PAMP GOLD BARSSGD10 GM1118.001045.00
PAMP GOLD BARSSGD2.5 GM312.00259.00
PAMP GOLD BARSSGD1 OZ3357.003255.00
PAMP GOLD BARSSGD1/2 OZ1688.001626.00
UOB Lunar BarSGD1 OZ3411.003255.00

How to Buy Gold from UOB

Buying Physical Gold

The value of any type of physical gold will increase if the value of gold increases. You can buy actual gold from UOB as either gold bars or bullion coins. You can:

  • Order online and collect them in person from the UOB Main Branch within 5 working days.
  • Purchase in person at the UOB Main Branch.

For gold bars, prices are based on the international gold price adjusted for Singapore market conditions. The price for gold bullion coins, on the other hand, includes a premium over the international gold price.

When buying any type of physical gold, you must have proper storage – either at a safe location in your home or depositing it in a bank.

Gold Certificates

Purchasing gold certificates essentially represent physical gold. However, the gold is stored somewhere else, meaning you will not be taking the gold bar with you. Instead, you will be given a certificate which you can exchange for cash or physical gold. These certificates do not have an expiry date. 

You can enjoy benefits similar to owning actual gold when it comes to security and convenience. This is an excellent option if you do not have a safe at home or a secure facility for storing physical gold.

You can purchase gold certificates at the UOB Main Branch in denominations of gold kilobars. The maximum denomination per gold certificate is 30 kilobars.

UOB Gold Savings Account (GSA)

You can also buy gold from UOB through a gold savings bank account. With this type of account, you can buy and sell gold in different amounts. You will not be restricted to a gold certificate’s denomination. Additionally, when you sell gold, you won’t have to worry about actual shipping and logistics.

A gold savings account works similarly to a gold certificate. To see how much you’ve invested, simply check your bank account balance.

UOB in Singapore provides a 5-gram minimum transaction.

UOB Silver Savings Account (SSA)

Just like UOB Gold Savings Account, the Silver Savings Account allows you to buy and sell silver without physical delivery. This type of gold investment is recorded in ounces.

In UOB, the minimum transaction is 10 ounces of silver.

Note: You can transact online through UOB Personal Internet Banking or UOB Might during weekdays from 8 am to 11 pm (excluding Singapore public holidays).

Charges and Fees

Type of Gold InvestmentCharges and Fees
Gold Bars
  • Gold piece(s) must be collected in person at UOB Main Branch within 5 working days from 9:30 am to 4:30 pm.
  • Late collection charge of $5/kg per day
Gold Bullion Coins
  • Gold piece(s) must be collected in person at UOB Main Branch within 5 working days from 9:30 am to 4:30 pm.
  • Late collection charge of $2/piece per day
Gold Certificates
  • Flat $5 per certificate
  • Service charge of $72 per kilobar/annum
  • Fees are subject to GST
Gold Savings Account
  • Service charge: 0.25% p.a. of the highest gold balance each month. Subject to a minimum monthly charge of 0.12 grams of gold.
  • Early account closure fee: $30 (subject to GST)
Silver Savings Account
  • Service charge: 0.375% p.a. of the highest silver balance each month. Subject to a minimum monthly charge of 0.2 grams of silver.
  • Early account closure fee: $30 (subject to GST)

What Are The Benefits Of Investing In Gold?

Valuable Commodity

Gold’s long-standing value demonstrates its stability throughout the centuries. That said, investors consider it as one of the safest investments. In fact, when the economy fluctuates, and the stock market takes a turn for the worst, investors buy gold as a safe place to put their cash.

Hedge Against Inflation

The value of gold recovers quickly despite economic downturns. That said, gold is a great hedge against inflation. Investors have seen gold prices soar throughout the years even when the stock market takes a turn for the worst. 

Moreover, investors consider gold as a good store of value. For this reason, they are more inclined to buy gold when they believe that their local currency is losing value.

Portfolio Diversification

Diversifying your portfolio reduces your risk of substantial losses due to changes in economic conditions. If you want to diversify your portfolio, you need to find investments that are not closely related to each other. So when one industry or asset takes a downturn, your investment portfolio won’t be as affected.

Gold is a good option to diversify your portfolio. Why? Because it lacks correlation with traditional asset classes. In fact, it has a negative correlation to stocks and other financial instruments.

Security During Geopolitical Crises

Gold will also retain its value in times of geopolitical crises. During such uncertainty, it usually outperforms other investments. For this reason, it is often referred to as the “crisis commodity”. Investors flock to its relative safety when world tensions rise.

The Supply Is Shrinking

The selling of gold by global central banks slowed greatly in 2008. However, according to the U.S. Geological Survey, they observed a rebound in production in 2011. Generally, when the supply of gold slows down, gold prices increase.

Provides Liquidity

Gold is a high-quality and liquid asset. This liquidity makes it a less risky investment.

Why? Because investors can easily translate their gold investment into currency. Additionally, physical gold is also one of the few liquid assets that don’t involve liability or a creditor relationship.

What Are Some Risks Involved In Purchasing Gold?

Just like any type of investment, gold and silver investments also have risks. That said, before purchasing gold or silver products, you must understand that:

  • The gold and silver market is volatile. The value of investments – and the administrative fees- can go up and down.
  • You can incur losses, including the loss of principal investment.
  • Investing in gold or silver will not provide you with a dividend yield or interest.
  • To yield a profit on a sale, gold prices must rise sufficiently over the investment period.

Lastly, investments in gold and silver are not guaranteed by the Bank nor insured under the Deposit Insurance Scheme.

Should You Buy Gold Now?

The current economic condition, as well as the COVID-19 downturn,, makes everything uncertain. That said, international gold prices are affected by different factors.

For one, the uncertain economic condition is driving international gold prices up. However, despite the economic downturn, the stock markets are still rallying. For this reason, it’s best to consider the current trend and the historical prices. 

Do your due diligence. Study the market to understand how gold might perform.

Remember, gold and silver are not fool-proof investments. The prices fluctuate based on a variety of factors. But the bottom line is this: you need to diversify your portfolio to achieve long-term financial goals. 

How Much Gold Should You Buy?

Investors warn that you must be careful with how much you invest in gold. A general rule of thumb is to limit your gold investment to no more than 5% to 10% of your portfolio.

This is good advice since it acts as an insurance policy. For instance, if your other investments crash, your gold should go up in value, which will help keep you stay afloat.


Investing in gold, whether physical or other gold-related products, needs thorough consideration. You must not enter it lightly. If you decide to buy physical gold, make sure that you’re dealing with a reputable dealer.

Additionally, investing in a UOB Gold Savings Account or Silver Savings account is an easy way to dip your toes into precious metals investment. You will feel secure in knowing that a reputable local bank in Singapore backs you.

Don’t have enough cash to buy gold? Consider getting a loan from a licensed moneylender. Raffles Credit is one of the most reputable licensed moneylenders in Singapore. You can avail of the best personal loan services to get the cash you need to start investing.

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