Gold Price in Singapore Today

The IPM exemption and the Singapore dollar price

Since 1 October 2012, investment-grade gold has been exempt from GST in Singapore, while jewelry carries the full 9% GST. The exemption covers what the tax authority calls investment precious metals (IPM), and it was introduced to help Singapore grow as a regional bullion trading and storage center.

To qualify, bars and wafers must come from refiners accredited by the recognized bullion markets, and coins must be legal tender in their country of issue. Jewelry is never IPM, whatever its purity, so a 999 chuk kam bangle pays GST while a 999 bar does not.

What the exemption does not cover

• Jewelry of any purity, including 999 and 9999 pieces.
• Bars below 99.5% or from refiners that are not accredited.
• Coins that are not legal tender, such as medallions and tokens.
• Services such as storage and delivery, which may carry GST.

Check the invoice: a dealer selling IPM will show no GST on the metal, and a jeweler will show GST on the full price.

Converting the dollar price to Singapore dollars

1. Take the international price in U.S. dollars per ounce.
2. Multiply by the number of Singapore dollars per U.S. dollar.
3. Divide by 31.1035 for the price per gram of pure gold.
4. Multiply by 0.916 for 22K jewelry.

At an example $3,000 per ounce and S$1.30 per U.S. dollar, an ounce is S$3,900, a gram of pure gold about S$125.39, and a gram of 916 about S$114.86. These are illustrations; the live figures are in the table above.

The Singapore dollar is managed by the Monetary Authority of Singapore against a basket of currencies, so it tends to move less than many Asian currencies. That keeps the local gold price closer to the dollar price than in markets with more volatile currencies.

Many Singaporeans compare with Johor Bahru across the causeway, where 916 jewelry is priced in ringgit. The metal price is the same gold converted at a different rate, so the difference comes down to workmanship, tax and the exchange rate on the day.

The dollar starting point is the current gold price per ounce.

GST on jewelry and the 916 and 999 counters

GST has been 9% since 1 January 2024 and applies to metal and workmanship on jewelry.

1. Take a 10 g 916 chain at an example rate of S$120 per gram (illustration only): S$1,200 of gold.
2. Add an example workmanship charge of S$150: S$1,350.
3. Add 9% GST: S$121.50.
4. The total is S$1,471.50.

GST-registered shops must display prices inclusive of GST, so the tag you see already includes the 9%. Jewelers who are not registered do not charge GST at all, which is usually true only of very small businesses.

A 10 g IPM bar of the same metal value would carry no GST and a much smaller premium than the workmanship, which is why Singaporeans who want gold as savings usually buy bars or coins rather than jewelry.

Buying jewelry online from overseas

Since 1 January 2023, GST also applies to low-value goods bought online from overseas and delivered to Singapore. Jewelry ordered from a foreign website is therefore taxed much like jewelry bought locally, while qualifying IPM remains exempt.

Selling back

Jewelers buy back at a rate below their selling rate, and neither the workmanship nor the GST is returned. On the example above, a buyer might pay only for the 916 gold, so the round trip costs the labor, the tax and the spread.

The 916 and 999 counters

Singapore’s jewelry trade splits along two traditions. Stores in Little India sell mostly 916 (22K) Indian designs, from bridal necklaces to thali chains, and they are busy before Deepavali and weddings. Jewelers in Chinatown and the malls sell 999 chuk kam jewelry for weddings, Chinese New Year and babies’ first-month gifts. Both price by weight plus workmanship.

Chinese families shopping for a wedding often buy a matched set in 999, and grandparents traditionally give gold to newborns. Indian families spread bridal purchases over months. For both, the price moves daily with the world market, and the workmanship is where shops compete.

• Ask for weight, karat and labor on the receipt.
• Buyback rates are lower than selling rates; compare them too.
• Fixed-price pieces can hide a high effective price per gram.

For the 22K value in dollars, see the 22K gold price.

Bullion hub, storage and tourist GST refunds

The IPM exemption changed how Singapore’s market works. Before 2012, GST on bullion pushed trade and storage to other centers. Afterwards, high-security vaults opened near Changi Airport and banks and dealers expanded storage services for investors from across Asia. The Singapore Bullion Market Association represents the industry.

What this means for a local buyer

• Bars and coins are widely available with tight premiums over the international price.
• Allocated storage is available for those who do not want metal at home.
• Selling back is straightforward at dealers that publish both buy and sell prices.

Allocated and unallocated storage

In allocated storage, specific bars are set aside in your name and listed by serial number; they remain your property if the provider fails. In unallocated storage, you hold a claim on a pool of metal, which is cheaper but exposes you to the provider’s credit. Ask which kind you are buying before comparing fees.

For a local buyer, the practical difference is the premium. A 1 kg bar bought in Singapore can carry a premium of only a small fraction of its value, while a 1 g bar costs noticeably more per gram. Buy the size you are likely to sell in one piece, since bars cannot be split.

For typical bar sizes and premiums, see the gold bar prices page.

Claiming the GST refund as a tourist

1. Shop at a retailer in the electronic Tourist Refund Scheme and spend at least S$100 including GST.
2. Get the eTRS ticket or receipt linked to your passport.
3. At Changi, use the eTRS kiosk before checking in if you need to show the goods.
4. Leave Singapore with the goods within two months of purchase.
5. Declare the jewelry on arrival home. U.S. residents list it on the CBP declaration.

The scheme is for visitors aged 16 or over; Singapore citizens and permanent residents cannot use it. The refund covers GST on jewelry; investment bars carry no GST to refund. An administrative fee may be deducted from the refund.

Across the causeway, the Malaysia gold price uses the same 916 and 999 grades.

Mistakes to avoid, and a short glossary

• Assuming 999 jewelry is GST-free because it is pure. Only IPM bars and coins are.
• Comparing a bar dealer’s price per gram with a jeweler’s price that includes workmanship.
• Forgetting the eTRS steps before check-in when leaving Singapore.
• Choosing unallocated storage without realizing it is a claim on the provider, not a specific bar.

For a market that quotes in taels, see the Hong Kong gold price.

Glossary

• IPM: investment precious metals, exempt from GST.
• GST: Singapore’s goods and services tax, 9% since 2024.
• eTRS: the electronic Tourist Refund Scheme.
• 916 and 999: 22K and 24K.
• Chuk kam: Cantonese term for pure gold jewelry.
• Allocated storage: specific bars held in your name.
• SBMA: the Singapore Bullion Market Association.

Other currencies are on the gold price by country list.