Built by policy, not by history
Gold Trade in Singapore
Buy gold in Singapore
GST-exempt bars and coins, quoted against live spot with purity certificates.
Sell gold in Singapore
Assay-first quotes compared before you accept a payout.
Singapore's gold trade was not inherited from centuries of souk trading or a colonial exchange, unlike Dubai's souk-and-free-zone mix or Hong Kong's century-old exchange. It was built on purpose, starting 1 October 2012, when the government scrapped GST on investment-grade metals specifically to create a bullion hub where none had existed. The infrastructure followed: Le Freeport, high-security bonded storage inside the Changi Free Trade Zone for gold held under duty-and-GST suspension; The Reserve, a 180,000 sq ft vault completed in 2024 and described as Southeast Asia's largest precious-metals storage capacity at around 15,000 tonnes; and Metalor Singapore, an LBMA Good Delivery refiner listed since 2014 handling roughly 200 tonnes a year, the assay-and-melt route for scrap and inherited gold.
The retail side runs on the same appointment-based, discreet service model as the vaults nearby: dealer showrooms around the CBD and Clarke Quay that operate more like private offices than shops. In March 2026, MAS and the Singapore Bullion Market Association announced a working group to develop the gold market further. Spot gold traded near SGD 177 a gram for 24K retail in late September 2026.
A hub built on one tax decision
Dealers register with the Registrar of Precious Stones and Precious Metals Dealers under the Ministry of Law's ACD, and MAS separately supervises the subset that are also financial institutions. GST runs at 9% since January 2024, but Investment Precious Metals are exempt: gold bars and wafers of 99.5% purity or higher that trade on the international bullion market, and qualifying legal-tender coins of the same purity. Jewellery, collector coins and scrap do not qualify and pay GST as normal. There is no capital gains tax on gold in Singapore. IRAS can tax gains as income, but only where the activity looks like trading rather than holding, a line worth getting professional advice on if you deal frequently.
- Gold bars or coins, 99.5%+ purity, tradeable on the international bullion market: GST-exempt
- Jewellery, collector coins and scrap: standard 9% GST applies
- No capital gains tax on personal gold holdings
- Regulated dealers file a Cash Transaction Report for any cash deal above SGD 20,000 (PSPM Act 2019)
- No restriction on foreigners buying or holding gold in Singapore
Bringing gold in and out
Hand-carried investment-grade gold needs no permit up to 0.5kg for personal use. Above that, a GST Relief (Import) permit is declared at customs with invoices and purity certificates. A separate SGD 20,000 rule covers declaring cash and bearer instruments at the border, not gold itself, so the two thresholds should not be confused. Our guide to buying gold in Singapore as a foreigner walks through both in order.
Where the vaults and the shopfronts are
The infrastructure is concentrated, sized around exactly the kind of 500g and larger bars institutions favor, and most of it is not open to walk-in visitors.
| Venue | Where | What it is |
|---|---|---|
| Le Freeport | Changi | High-security bonded storage inside the Changi Free Trade Zone, heavily used for gold under duty-and-GST suspension |
| The Reserve | near Changi | 180,000 sq ft vault completed 2024, described as Southeast Asia's largest precious-metals storage capacity at around 15,000 tonnes |
| Bullion retail cluster | CBD / Clarke Quay | Dealer showrooms and vault operations running on an appointment-based, discreet service model |
| Metalor Singapore | Singapore | LBMA Good Delivery refiner listed since 2014, around 200 tonnes a year: the assay-and-melt route for scrap and inherited gold |
A market that rewards comparison shopping
Buyback payouts for the same item reportedly vary 15 to 30% between buyers in Singapore. That is a wide enough spread to justify more than one quote before selling anything, especially a piece you inherited rather than bought yourself.
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Talk about SingaporeWhat actually trades here
Four formats cover most of what moves through Singapore's dealers.
- 1kg gold bars: the standard institutional and family-office format, GST-exempt as an Investment Precious Metal at 99.5%+ purity
- Canadian Maple Leafs: a 24k coin whose Bullion DNA anti-counterfeit scanning draws real interest from Singapore buyers who ask about verification
- Krugerrands: the most recognized coin among older private holdings across Asia, with a deep resale market here
- Gold jewellery and scrap: priced on melt content after karat testing, and the category where that 15 to 30% payout spread matters most
Verifying what you are buying or selling
A sealed assay card is a start, not a finish. How to verify a gold bar is real covers the serial checks, XRF and ultrasound testing worth insisting on before money changes hands, on either side of the counter.
Frequently asked questions
Why is Singapore GST-free for gold?
It is a deliberate policy choice. The government scrapped GST on investment-grade metals on 1 October 2012 specifically to build a bullion trading hub, and vault operators, refiners and dealers built around that decision afterward. Gold bars and wafers of 99.5% purity or higher, and qualifying coins of the same purity, remain exempt from the current 9% GST rate.
Can I buy or hold gold in Singapore as a foreigner?
Yes. Singapore places no restriction on foreigners buying or holding gold, and neither a Singapore bank account nor residency is required to transact with a regulated dealer. Our guide for foreign buyers covers the practical steps.
How much gold can I carry into or out of Singapore?
Hand-carried investment-grade gold needs no permit up to 0.5kg for personal use. Above that weight, you declare a GST Relief (Import) permit at customs with invoices and purity certificates. That is separate from the SGD 20,000 cash-declaration rule, which covers cash and bearer instruments, not gold.
Is there capital gains tax on gold in Singapore?
No capital gains tax applies to personal gold holdings. IRAS can tax profits as income only where the activity looks like trading rather than holding, so frequency and intent matter more than the asset itself.
Talk to us about Singapore
Buying GST-exempt bullion or selling an inherited piece: tell us which, and we quote against live spot.
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