Gold Price In Singapore

For centuries, gold has stood as a beacon of security and a testament to wealth. Venturing into tangible gold or its derivative trades has thus emerged as a strategic shield against fiscal vagaries, and staying on top of its price is pivotal to getting ahead in the international financial landscape.

Amidst the ebb and flow of global economies, vigilant tracking of the gold price today is paramount for discerning investors, from local financial aficionados to their global counterparts. If you’re poised to trade in this lustrous metal, understanding the current gold price per gram in Singapore is a prerequisite for success.

Today's Gold Price

Singapore’s glittering gold market, bustling with exchanges and diverse trading avenues, witnesses variances in gold prices due to overarching factors like worldwide trends, demand-supply interplay, and currency shifts. Equipped with the most accurate and up-to-date gold prices, one can astutely strategise buying or selling this ageless asset.

Understanding and tracking these metrics ensures informed financial decisions for optimal market entry/exit, evaluating potential returns and strategic investment planning in the gold market. Whether your interests lie in ornate gold jewellery, high-stake gold trades, or mere market vigilance, staying abreast with the gold price in Singapore is non-negotiable.

Gold Price Per Gram

The gold price per gram is commonly used in retail scenarios, such as purchasing jewellery or small gold items, as it is easily applicable to most everyday transactions.

Date And Time Of Last Update

Live Gold Price Charts

Our live gold price charts offer real-time data on gold values for various gold types, aiding investors and gold enthusiasts in tracking price shifts. Essential for traders, buyers, and sellers at every level, they illuminate market trends and enhance decision-making, ensuring users capitalise on market movements and strategise their gold investments effectively. Our charts further differentiate between gold types like 24K, 22K, and 18K, providing clarity on purity-based pricing.

Historical Gold Price Trends

Historical gold price trends give insights into the market’s behaviour over various time frames. Analysing these trends helps investors understand past performance, gauge the influence of economic and geopolitical events, and predict future price movements. Such data aids both investors and individual buyers in making strategic decisions, maximising returns, and understanding gold’s investment value over time.

Specific Gold Type Prices

Various types of gold exist in the market, each with unique characteristics and prices. As gold prices fluctuate regularly, it’s crucial to stay updated with market rates and consult with trusted experts before making transactions.

916 Gold

Also referred to as 22K gold, 916 gold contains 91.67% gold mixed with other metals. It can be used in wearable jewellery due to its balance of durability and purity. However, its higher percentage of gold content does make it more valuable as an investment piece compared to other wearable gold jewellery of lower karats. Stay up to date with the latest 916 gold price in Singapore.

999 Gold

Also referred to as 24K gold, 999 gold contains 99.9% gold purity, making it the purest gold karat attainable. As such, it is commonly used for fine jewellery, collectables, and gold bars. 999 gold is typically not used for everyday wearable jewellery as its high gold content makes it more malleable and prone to damage. Stay up to date with the latest 999 gold price in Singapore.

Factors Affecting the Gold Price

Gold has long been recognised as a safe haven investment as investors can generally expect to gain returns on their investments over time. However, the market is not invulnerable to price fluctuations or even sudden price drops. This volatility can be attributed to various interconnected factors, including the global economic environment, market supply and demand, inflation rates, interest rates, currency strength (particularly the US Dollar), central bank sentiments and activities, and wider geopolitical events. Investors should keep abreast of these various factors at all times in order to have a holistic, comprehensive, and well-informed understanding of the gold market.

Global Economic Trends

In the realm of global economic shifts, the gold price remains a central barometer influenced by myriad factors. Understanding these dynamics, especially as they pertain to the price of gold in Singapore, is pivotal for stakeholders keen on leveraging opportunities and mitigating risks.

One significant influencer on the gold price today in Singapore is the ascent of economies like China, India, and Brazil. Their substantial economic activities, investment preferences, and monetary policies can ripple through the global gold market, causing fluctuations in gold prices and values.

The Fourth Industrial Revolution, characterised by rapid technological advancements, also has the potential to reshape industries. As it disrupts traditional sectors, it can create speculative pressures on gold prices, given gold’s status as a hedge against uncertainty.

Environmental initiatives globally might also sway investor sentiments. In the face of environmental crises, gold, known for its safe-haven status, might see heightened demand.

Globalisation’s ebb and flow, underscored by recent trade tensions, can also introduce volatility to global commodities, including gold.

Lastly, the recent COVID-19 pandemic, with its profound economic implications, has also had investors worldwide recalibrating strategies, often turning to reliable assets like gold.

Supply and Demand

Supply and demand profoundly influence the gold price, especially within dynamic markets like Singapore. These principles play a central role in the fluctuations of gold prices and are integral to understanding the intricacies of such a dynamic market.

Supply in the context of gold pertains to the quantity of gold that miners and suppliers can provide to the market. Influenced by factors such as mining costs, availability of deposits, and regulatory landscapes, any surge in gold supply can potentially dampen prices.

Conversely, demand is gauged by the appetite of consumers and investors to procure gold at the prevailing price. Elements like global economic health, investment trends, and geopolitical tensions shape demand. For example, a spike in demand, often in turbulent economic times, can push the gold price upwards.

The equilibrium between gold’s supply and demand is key to maintaining an optimal price value. An oversupply, with tepid demand, can pressure prices to fall. In contrast, heightened demand against a restricted supply can buoy prices.

Gold’s price elasticity is also crucial. A highly elastic gold market in Singapore would imply that minor price adjustments might result in significant purchase behaviour changes. Conversely, an inelastic market suggests steadfast demand regardless of price swings.

Inflation

Inflation, the prolonged surge in the overall price level of goods and services, is a pivotal force influencing the gold price. The gold market often reflects concerns about inflation since gold is traditionally seen as a hedge against its erosive effects on currency value. High inflation can also erode purchasing power, making tangible assets like gold more attractive, thereby influencing the gold rate. Notably, in areas with economic prominence like Singapore, the relationship between inflation and the gold price becomes especially pronounced.

Factors like an expanded money supply often lead to inflation. With more money in consumers’ hands, demand for commodities, including gold, might escalate. When demand rises in relation to the price of gold in Singapore it can exert an upward pressure on gold prices.

Production costs are another inflationary concern. If production expenses soar, businesses might hike their prices, instigating cost-push inflation. This can resonate with changing gold prices, especially if mining costs rise, impacting gold’s supply side.

Furthermore, demand-pull inflation, arising from heightened overall spending, often stimulates interest in gold as an investment haven, potentially boosting the price of gold today.

As a result, central banks, tasked with inflation management, might adjust interest rates, affecting the attractiveness of non-yielding assets like gold. A lower interest environment in Singapore, for instance, can make gold, which doesn’t earn interest, more appealing.

Interest Rates

Interest rates, steered by central banks, significantly influence the gold price. When central banks adjust interest rates to manage inflation or economic activity, these shifts reverberate through the financial world, directly affecting the price of gold in Singapore and globally.

Rising interest rates tend to curb inflation by increasing borrowing costs, often making fixed-income investments more attractive. In such scenarios, the allure of gold, a non-yielding asset, might wane. Conversely, during low-interest-rate regimes, which are designed to boost economic activity by making borrowing cheaper, gold often becomes a sought-after hedge. The gold price today in Singapore, and its past fluctuations, can in part be traced back to these shifts in interest rate policy.

Moreover, during global economic uncertainties, investors lean towards safer assets. Though government bonds are one such refuge, gold’s historical value preservation has made it a prime choice. As investors pivot to gold, the demand drives up the live gold rate in Singapore and other markets.

In the context of Singapore, when interest rates drop, the gold price might see an uptick as investors seek alternatives to low-yield bonds. Monitoring the interplay between interest rates and the price of gold in Singapore is crucial for potential investors.

Currency Strength

Currency strength and its interplay with interest rates deeply influence the gold price in global markets, including Singapore. Within the forex realm, understanding how these factors affect the gold price is crucial for discerning investors and traders.

Interest rates are pivotal in steering currency strength. When rates rise, currencies often strengthen, drawing foreign investors seeking better returns, thereby influencing the gold price. A strong currency often corresponds with a lower gold price, as investors divert to yield-bearing assets over non-yielding gold. Conversely, when interest rates drop, currencies might weaken, making gold more appealing as a protective hedge. This dynamic is evident when observing the gold price today, reflecting the relationship between the Singapore dollar’s strength and interest rates.

Central Bank Activities

Central banks are pivotal entities in the global financial landscape, profoundly influencing gold prices in Singapore and beyond. Their activities, ranging from monetary policy decisions to foreign exchange interventions, can lead to fluctuations in the price of gold, making their actions indispensable for those invested in or tracking the gold market.

Beyond their impact on interest rates, central banks hold substantial foreign exchange reserves, often comprising significant amounts of gold. Their buying or selling decisions concerning these reserves can resultantly induce major shifts in the gold rate. A surge in gold purchases by central banks, for instance, can elevate the gold price.

Additionally, during financial uncertainties, central banks might resort to gold as a safe haven, just as individual investors do. Such actions can push the gold price higher, reflecting the metal’s reputation as a stable and reliable asset.

Geopolitical Events

Geopolitical events, spanning political unrest to trade disputes, significantly influence the global economy and, consequently, the price of gold. These situations, rooted in the complex interplay of politics, geography, and economics, can trigger market uncertainties, driving investors towards safe-haven assets like gold.

For instance, political upheavals or wars typically cause substantial market volatility. During such periods, the price of gold may witness a spike, reflecting gold’s status as a stable investment. Furthermore, international trade disputes can not only disrupt global supply chains but also sway gold prices today, as global investors seek security in gold amidst economic turbulence.

Significantly, events affecting major oil-producing nations can indirectly influence gold price today. Surges in oil prices, due to geopolitical tensions, often coincide with hikes in gold prices, as both commodities are viewed as hedges against economic instability.

Frequently Asked Questions About Gold Prices

What is the source of the gold prices listed on this page?

Maxi-Cash pulls from various sources to ensure we reflect accurate and up-to-date gold prices on our page, including the London Bullion Market Association (LBMA), Bloomberg, and Reuters. Nonetheless, the gold rate might still vary due to market volatility.

How often is the gold price updated on this page?

Our gold prices are updated as frequently as possible to ensure buyers, sellers, and investors have the accurate information necessary to make informed financial decisions. If you have further questions on Maxi-Cash’s gold prices, feel free to reach out to us for more information.

Is the gold price the same worldwide?

Gold prices can vary slightly depending on the location and market it’s being traded in. This is due to factors like local taxes, import duties, shipping costs, and local currency exchange rates. Each country may also have its own pricing mechanisms and cost structures that affect the quoted price. At Maxi-Cash, we provide accurate price information for gold per gram in the context of Singapore and the Singaporean economy.

What is the historical significance of gold in Singapore's economy?

Historically, Singapore was pivotal in Southeast Asia’s gold trade. By the 1800s, Singapore became a nexus for gold refining and trading throughout the region. With institutions guaranteeing gold’s purity and the rise of exquisite gold jewellery craftsmanship, Singapore’s significance in the global gold market grew. Today, the city-state continues to be a global gold hub, backed by entities like the Singapore Bullion Market Association and modern gold trading platforms like Maxi-Cash.

Are there taxes on buying or selling gold in Singapore?

Investment-grade gold, which meets specific criteria set by the Inland Revenue Authority of Singapore (IRAS), is exempt from the Goods and Services Tax (GST) in Singapore. This tax exemption ensures that those keen on tracking gold prices today find the city-state an appealing hub. It not only makes purchasing such gold more cost-effective but also makes selling it more profitable.

However, while investment-grade gold enjoys this benefit, other forms of gold, like jewellery or gold that doesn’t meet the investment criteria, are still subject to GST at the prevailing rate. This distinction is crucial for potential buyers and sellers to understand, as the price of gold in Singapore can vary depending on its classification.

Another important aspect to consider is the customs duties when importing or exporting gold. Even though domestically there’s a favourable tax environment, bringing gold into or taking it out of Singapore might come with its own set of financial implications. It’s advisable for individuals and businesses to be familiar with these customs regulations to avoid unexpected costs.

Who are the major stakeholders influencing gold prices globally?

Gold prices globally are influenced by a range of key stakeholders including central banks, traders, mining companies, the jewellery industry, and government institutions. Factors including inflation, GDP growth, and geopolitical events can also affect gold prices alongside these stakeholders. Those wishing to buy, sell, or invest in gold should thus keep up with key stakeholders, major financial institutions, and global events to understand potential changes in the gold market.

What is the difference between 916, 999, 24K, 22K, and 18K gold?

Gold purity is measured in karats, impacting gold price. 24K (or 999 gold) is pure gold with 99.9% purity, while 22K (916 gold) contains 91.6% gold. 18K gold comprises 75% gold, making it a preferred choice for jewellery. Whether an item is yellow, white, or rose gold can also affect its karat, as white and rose gold contain other metals in order to achieve their distinctive colour and appearance.