Singaporeans scramble to buy gold, taking advantage of price dip

By Hien Nguyen February 2, 2026 | 08:22 pm PT

Crowds were seen queuing to buy gold in Singapore as prices plunged, seizing the chance to buy the dip.

Buyers crowded the lounge for physical bullion transactions at United Overseas Bank’s headquarters on Monday. The lender is the only bank in the city-state that sells physical gold products to retail investors.

Among them were Ng Beng Choo, a retiree in her 70s, who had collected her queue ticket at 9:30 a.m. but was still waiting to be served more than six hours later.

"I came to buy because the price of gold dropped today," she told Bloomberg.

Gold products from MKS PAMP SA, one of the best-known bullion brands, were sold out, leaving many who had not pre-ordered or arrived later empty-handed.

Gold bullions are displayed at GoldSilver Central's office in Singapore, June 19, 2017. Photo by Reuters

The yellow metal slid more than 13% over the past two trading sessions, retreating from a record high of $5,594.82 to about $4,700 an ounce on Monday.

Singapore has long been a go-to market for gold buyers thanks to its status as a global wealth hub and its lack of taxes on investment-grade bullion and capital gains.

The latest wave of buying underscores the resilience in retail demand for precious metals in the city-state, where the investment demand for gold jumped 48% to a record 9.6 tonnes in 2025.

That growth was the strongest in Southeast Asia and came despite gold prices surging 64% in its biggest annual gain since 1979, The Straits Times reported, citing the World Gold Council.

Despite the latest dip in prices, analysts still expect the gold rally to continue and set new records later this year.

"Although the fall was large and fast, it should also be remembered that we are currently at the same levels we saw just three weeks ago," independent analyst Ross Norman told Reuters.

"This is a significant correction but it does not, by any stretch of the imagination, signify the bull run has ended."

JP Morgan said it sees gold reaching $6,300 an ounce by year-end. Deutsche Bank, meanwhile, reaffirmed its $6,000 forecast for 2026 on sustained investor demand.