When asking "which bank sells gold bars in Singapore," investors will find that options are surprisingly limited among traditional banking institutions. Singapore has established itself as one of Asia's premier gold trading hubs, offering investors multiple pathways to purchase and store precious metals. While several financial institutions operate in the city-state, the landscape for purchasing physical gold bars from banks is more limited than many investors might expect. This comprehensive guide examines which banks sell gold bars in Singapore, alternative options through private dealers, and the regulatory framework that governs precious metals trading in the country.
Which Bank Sells Gold Bars in Singapore: Primary Banking Options
United Overseas Bank (UOB): The Primary Banking Option
UOB stands as the only major bank in Singapore currently offering comprehensive physical gold bar services to retail customers. The bank provides multiple gold investment products including physical gold bars, gold bullion coins, gold certificates, and a Gold Savings Account for digital gold holdings.
UOB's gold bar offerings include various sizes from small wafers to cast kilobars, all purchased using the bank's daily buy-sell market quotes. Since November 2023, customers must be UOB account holders to purchase physical gold from the bank's bullion counter. The bank accepts buy-backs of gold originally purchased from UOB Singapore, provided customers present satisfactory invoices and the gold remains in good condition with intact UOB seals.
Key features of UOB's gold services:
- Physical gold bars in multiple sizes (1g to 1kg)
- Gold bullion coins from various international mints
- Gold certificates up to 30 kilograms per certificate
- Gold Savings Account with minimum 5-gram transactions
- Guaranteed buy-back policy for originally purchased items
OCBC Bank: Digital Gold Only
OCBC Bank offers a different approach to gold investment through their digital precious metals trading service launched in October 2021. Rather than physical gold bars, OCBC provides "paper gold" through their mobile banking app, allowing customers to buy and sell gold digitally starting from as little as 0.01 ounces.
OCBC's digital gold features:
- Minimum investment from SGD 25 for gold
- Real-time trading capabilities
- No physical storage concerns
- Integration with OCBC Digital banking app
- Over SGD 1 million traded within the first week of launch
Bank of China Singapore: Service Discontinued
Bank of China Singapore previously offered a Gold Savings Account but discontinued both new account openings and gold purchases through existing accounts in May 2023. The bank cited market volatility and regulatory considerations as factors in this decision, leaving only the gold selling function available for existing account holders.
DBS Bank: ETFs and Structured Products Focus
DBS primarily focuses on gold-related investment products such as ETFs, unit trusts, and structured notes rather than physical gold bars. The bank promotes gold exposure through financial instruments like the SPDR Gold Shares ETF and various gold mining stocks.
Banks That Sell Gold Bars in Singapore vs Private Dealers: Alternative Options
⚠️ Important Price Warning: Banks are generally much more expensive than private dealers when purchasing physical gold bars. Private dealers typically offer more competitive pricing, lower premiums, and better buy-back spreads. Investors should compare prices carefully as the difference can be substantial, especially for larger purchases.
Major Private Precious Metals Dealers
While banking options for physical gold bars remain limited, Singapore hosts numerous registered precious metals dealers operating under strict regulatory oversight. All dealers must be registered under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (PSPM Act). Here are the major dealers in alphabetical order:
BullionStar
BullionStar (PSPM Registration: PS20190000957) operates as one of Singapore's leading precious metals dealers, offering both retail and storage services from their location at 45 New Bridge Road. The company provides a comprehensive range of gold bars, coins, and storage solutions with competitive pricing and professional services.
GoldSilver Central
GoldSilver Central (PSPM Registration: PS20190001022) provides real-time precious metals trading with storage options at Le Freeport Singapore. The company specializes in physical bullion trading in gold, silver, and platinum at competitive market pricing with live trading capabilities through their GSC Live platform.
Indigo Precious Metals
Indigo Precious Metals (IPM Group Pte Ltd) (PSPM Registration: PS20190001114) stands as a leading international precious metals dealer based in Singapore, established in 2014 and founded by metals expert David J Mitchell. Operating under PSPM registration number PS20190001114, the company specializes in investment-grade precious metals with a focus on tax-efficient offshore vaulted storage.
Key features of Indigo Precious Metals:
- Comprehensive range of gold, silver, platinum, palladium, and rhodium products
- A-class bonded vaulting in Singapore with segregated storage options
- Competitive pricing with premiums as low as market rates
- Fully insured worldwide delivery and self-collection services
- Expert investment advice and portfolio diversification guidance
- Established international client base across Europe, North America, and Asia
The company offers both physical delivery and secure storage solutions, with their flagship store providing access to investment-grade bullion bars and coins. Their vaulting solutions feature zero solvency risk, ensuring clients maintain legal title to their precious metals at all times.
Silver Bullion
Silver Bullion (PSPM Registration: PS20190001043) manages The Safe House vault facility and offers extensive precious metals trading services. Their storage facility, The Reserve, represents one of the world's highest capacity precious metals vaults, capable of storing 15,000 tons of silver and 500 tons of gold.
Gold Bar Storage Solutions for Singapore Bank Customers
Professional Vault Storage Options
Singapore offers world-class storage facilities for precious metals investors who prefer professional custody solutions over home storage. Le Freeport Singapore provides high-security, climate-controlled storage with direct airport access, operating within a duty-free zone.
The Safe House, operated by Silver Bullion, offers comprehensive vault services with SGD 1.5 billion insurance coverage as of April 2025. The facility features ISO 9001 certified operations, offline security systems, and segregated storage options.
Key storage facilities include:
- Le Freeport Singapore (25,000 square meters of secure storage)
- The Safe House/The Reserve (15,000 tons silver capacity, 500 tons gold capacity)
- Malca-Amit Singapore (LBMA-approved weigher and storage provider)
- Brinks Singapore (global logistics and storage services)
Singapore Banks Selling Gold Bars: Tax Advantages and Investment Considerations
GST Exemption for Investment Precious Metals
Singapore offers significant tax advantages for precious metals investors through its Investment Precious Metals (IPM) exemption from Goods and Services Tax since October 2012. This exemption applies to gold of at least 99.5% purity, silver of at least 99.9% purity, and platinum of at least 99% purity, provided the metals are capable of being traded on international bullion markets.
No Capital Gains Tax
Singapore maintains its position as a favorable jurisdiction for precious metals investment by imposing no capital gains tax on gold transactions. This policy, combined with the GST exemption, creates an attractive environment for both local and international investors seeking exposure to precious metals.
Banks Selling Gold Bars in Singapore: Practical Purchase Considerations
When evaluating gold bar purchase options, investors should consider several factors beyond the basic price per gram. While UOB offers the security and convenience of institutional backing, private dealers often provide more competitive pricing, especially for larger purchases, and offer greater product variety and storage options.
Conclusion
While UOB remains the primary banking option for physical gold bar purchases in Singapore, the country's robust ecosystem of registered private dealers provides extensive alternatives for precious metals investors. The regulatory framework established through the PSPM Act ensures consumer protection while Singapore's tax-advantaged environment, including GST exemption for investment precious metals and no capital gains tax, creates favorable conditions for gold investment.
The combination of regulatory oversight, tax advantages, and world-class infrastructure positions Singapore as an attractive jurisdiction for precious metals investment, whether through traditional banking channels or the country's sophisticated network of registered precious metals dealers.
Spencer Campbell
Director SE Asia Consulting - Precious Metals Consultant
