Gold has become a huge hit to investors searching for a great investment decision that will keep its price, thus conserving the riches of the purchaser. A lot of investors look at gold as insurance protection against worldwide economic volatility. As opposed to money, gold possesses a natural value due to its popularity and extremely limited amount.
Different methods of purchasing UOB gold in Singapore
Buy physical gold
Actual gold is generally acquired by investors as either gold bars as well as coins. When buying physical gold, you should have storage prepared, either at a home safe or by depositing it on a bank. Any type of physical gold will increase in value if the value of gold increases, so you are not limited to just gold bars and coins. You can purchase jewellery with gold and it will increase in value all the same. However, if you intend to buy gold as an investment, buying gold bars and gold coins is recommended. This is because their worth can be measured much easier.
You can purchase real gold for investment reasons at banking institutions. As an example, it is possible to purchase gold coins or gold bullion bars at banks like UOB. Buying gold in banks will be discussed next in this article or you may like to read about the insurance company in Singapore.
Purchase gold certificates
Purchasing gold certificates is similar to acquiring actual gold, with the exception of not having to take the gold bars with you. As an alternative, you are given a certification, which can generally be sold back whenever you want for money or real gold. This is a great option if you do not have a secure facility for storing the gold bars that you will buy or if you want to cut your gold storage expenses.
Gold savings account
In Singapore, you can also buy gold by using a gold savings bank account. A few banks, such as UOB, provide you with the choice of starting a UOB gold savings account, which in turn will allow you to purchase and sell gold without needing to take care of actual shipping and logistics.
Gold savings account is similar to gold certificates in the sense that they allow you to trade gold without needing to manage physical gold. Your gold investments will just be shown in the balance of your bank account. This type of gold investment is perfect if you want to invest in your already existing bank account.
Do banks sell gold?
Yes, banks do sell gold to people who want to buy them. As stated previously in this article, banks like UOB offer gold savings account, in addition to offering physical gold. However, there is a catch. Even though some banks provide gold bars to buyers, they are becoming extremely rare. Banks who perform buying and selling in gold will most likely provide gold coins to buyers instead of gold bars.
It is comforting to head into the banking institution that you are accustomed to and leave following your purchase of a gold bar. However, as stated above, there are very few banks who still offer gold bars and the majority of banks who sell gold only offers gold coin. Additionally, if you purchase gold in your area, there is always the added danger in carrying it to your storage medium. You could possibly be susceptible to robbery or theft.
Is it worth buying gold in Singapore?
Gold is highly regarded around the globe for its worth and abundant historical past, and have a connection with every culture for many years. But it is worthy to buy gold in Singapore nowadays?
Gold also serves as a hedge against inflation, which means that even when inflation erodes the value of a currency, gold will be largely unaffected. This is due to the fact when fiat money experiences a drop in its purchasing power as a result of inflation, gold is usually used as the basis of currency units and therefore is likely to come up in value. Additionally, gold is viewed as a great holder of value. This leads to people being motivated to purchase gold once they think that their local money is experiencing value loss due to inflation or other economic crisis. As such, it is important to purchase gold, especially if you are looking to preserve your wealth through investing.
In conclusion, every investor should value gold as an investment. Gold really should be a necessary part of a varied investment profile since its value improves as a response to situations that results in the decline of the value of other investments, like money, bonds and shares. Even though the value of gold is usually unpredictable for a while, it has constantly retained its worth in the long run.
What is the price of gold bar today?
A gold bullion bar weighing 1 kg costs 81,602 SGD today. Gold bullion bars feature a fineness or gold material of around 0.995% to 0.9999%. 1 kilo gold bullion bars are usually rectangle-shaped and are available in two forms, in either cast or minted bars. Considering that they are produced by a number of refineries and mints by the government, gold bullion bars generally have different appearances. Meanwhile, an ounce of gold has a price of 2,543 SGD, while 1 gram of gold costs 108 SGD.
All prices in Singapore dollars on 04 January 2023
|GOLD TYPES||UNIT||UOB SELLS||UOB BUYS|
|ARGOR CAST BAR||100 GM||8,048||7,938|
|CAST BARS||1 KILOBAR||80,002||79,402|
|GOLD CERTIFICATE||1 KILOCERT||80,002||79,402|
|GOLD SAVINGS A/C||1 GM||80||79.40|
|GOLD BULLION COINS||1 OZ||2,558||2,469|
|1/20 OZ(GNC,SLC &GML)||171||122|
|PAMP GOLD BARS||100 GM||8,092||7,938|
What is PAMP gold?
PAMP is among the major gold bullion manufacturers worldwide, and is recognized as a pioneer in the precious metals industry. The company was founded back in 1977, and is located in Ticino, Switzerland. PAMP have a cutting edge refinery and manufacturing plants of precious metals, which includes gold.
Are you in need of extra funding to finance your investments of UOB Gold savings account or perhaps physical gold? Or maybe you are looking for money to finance your gold storage expenses instead? We are here to help you to find the best personal loan Singapore! Visit 365 Credit a licensed money lender to discover what type of loan will work for you.
Ready to get your loan?
Fill out this form and we will get back to you within 3 working hours