Get the Best UOB Gold Price in Singapore Today!
Are you planning to invest in gold? Then, you need to know the best rates. Get the best UOB Gold Price in Singapore.
When the investors were downcast with a prediction of a 2.3% fall in Singapore’s export, they received a pleasant surprise of a surging 11.6% as the markets closed on June 17, 2016. Three factors have influenced the surge: pharmaceuticals, prefabricated buildings, and gold.
Since May 2015, the exports of “non-monetary gold” have increased by 436.7%.
It is the gold not owned by central banks. Despite the decreasing local gold consumption, Singapore plays a significant part in exporting gold to the global market, especially since the gold dealers want to take advantage of the current market status. Most of Singapore’s gold went to China, Malaysia, and Switzerland.
Gold Price in Singapore Chart
We are admittedly living past the time of barter exchange as the currencies took over.
However, currencies are not stable. They are just bills and coins that will lose power over time since there is no real value backing them up while the gold’s value is consistent, making it the most accurate measurement of fiat currencies in gold.
Most would think that the US dollar should be more dependable than gold. However, the value of the US dollar took a plunge of 98% over the last 50 years. Simply put, what you can buy for a dollar 50 years ago cannot be purchased at the value of a dollar now.
And maybe in the future, your $100 can only buy you a dozen eggs.
A 1 oz gold coin can buy a grand wedding gown today at USD 1,000. The same 1 oz gold coin can buy an extravagant wedding gown at 2,000 tomorrow. Then, the value of the US dollar is one depreciating.
According to BullionStar, gold still retains its purchasing power over time.
It has been known that China buys most of the gold available in the market. Why? Over the years, it has been proven that currencies can fall, but the value of gold stays in the top spot.
This simple fact is the reason enough for many to invest in gold. Some investors believe that soon, you can use gold to purchase assets such as real estate, and eventually, such investments can lead to qualification for second citizenship.
Soon, gold bullion will be the best alternative hard currency on any currency around the globe. So it is better to start investing in it today.
How to buy and sell gold at its premium price
Buy Standardized Gold Bullion and Coins
Choose standardized gold bars or coins. It is the best way to invest in gold. For example, you can buy an Austrian Philharmonics or Canadian Maple Leafs. Some coins may be promising but less liquid, such as the gold coins with skulls or bayonets. Less liquid means it will be harder to transform it into cash.
Buying specialized gold coins means paying for a particular design that might be meaningless in most countries.
Should you decide to sell internationally, there would probably be no gold dealer that will appreciate the design regardless of whether it is a limited edition mint coin. As a result, you might sell the coin at a lower value.
Choose Smaller Singapore Gold Bars
If you are new to the industry of gold, you must know that they come in any shape yet with standard conditions of manufacturing, labelling, and record keeping.
Gold is usually measured in ounces, but others use grams. If you are dealing with gold, you must know that it refers to a troy ounce and not the usual avoirdupois ounce you encounter daily. Troy ounce is heavier, which is equivalent to around 31.1 grams.
Gold bars can be in smaller ranges. It includes 20, 10, 5, 1, or 1/2 troy ounce, as well as 500, 250, 100, 50, 20, 10, 5, or 1 gram. Some gold bar sizes are in the Indian measurement weights: tola (11.66 grams), ten tolas (117 grams or 3.75 troy oz), and one tael (50 grams).
It is dense, so expect it to be smaller than its weight. Central banks hold gold reserves in the form of the 400-troy-ounce bar (approx. 12.4 kg). That’s why it is famous as Good Delivery Bar.
If you think of gold as your safety net in case of an economic collapse by using it as a form of currency, it is better to buy the smaller gold bars. Also, it comes in smaller sizes. So, you can trade gold in smaller quantities at a time.
Determine the Singapore Gold Price 916
Karat is the measure of the purity of native gold. It tells the amount of gold mixed with other metals in any form and size. T e 24- karat gold is 0.995 to 0.9999 pure gold. Simply put, many consider the 24 karat gold as 99.9% pure gold.
The 22- Karat, on the other hand, is 91.60% pure gold, bearing a now popular name as 916 gold. Few people call it Indian gold. The higher the karat, the higher its purity, and the more expensive and soft it gets.
Do you want to save a bit of money yet still invest in the grand gold scheme? You can purchase 22 karat gold at the current price of SGD 51.58 per gram now instead of buying 24 karat gold at SGD 56.27 per gram.
Choose The Best Place to Buy and Sell Gold In Singapore
However tempting it is, only deal with the best dealers they offer with lower or no spread. S read means the difference between the purchasing value of gold and its selling value.
Whether you are searching for where to sell gold in Singapore or the best place to buy gold in Singapore, two leading gold buyers and sellers promise none to minimum spread: the BullionStar and UOB.
BullionStar and UOB Gold Price: 50 Gram PAMP gold bar
- It sells at USD 2,152.76 and buys at USD 2,055.87, while UOB sells at USD 2,151.69 and buys at USD 2,078.19,
BullionStar and UOB Gold Price: 100 Gram PAMP gold bar
- It sells at USD 4,250.46 and buys at USD 4,111.75, while UOB sells at USD 4,246.96 and buys at USD 4,158.60.
(The basis of prices are on posted prices on the last 15th of June)
BullionStar takes pride in the zero spread option offered at any given time if the buyer will buy at least 10 pieces of BullionStar Mint – Gold Bars.
You can also buy it on eBay or other trusted shops in the United States because they sell at the lowest gold price due to tight competition, yet taking it back to Singapore or keeping it in a vault on a foreign shore might cause you more hassle.
Many believe that gold is money which makes people interested in investing in it. O the other hand, some people use gold as their last resort when they get into a financial stint. They go to Singapore pawn shops to pawn their heirloom in exchange for short-term loans with increasing interest rates or sell it to gold buyers and never get it back.
If you need more cash to invest in gold or patch up some financial needs instead of pawning your jewellery, you can go to a licensed money lender and apply for a low-interest personal loan. The application from a top licensed moneylender is quick and simple. Start by visiting Cash Mart today.