Gold Demand in the Singapore Bullion Market

Singapore’s gold market is now one of the largest in the region after strong growth, particularly over the last 5 years since the Singaporean government exempted investment precious metals from Goods and Services Tax GST in October 2012.

The gold market in Singapore is both a wholesale market and a retail market. The wholesale market includes bullion banks, trading houses and refineries, with gold flowing in and out of Singapore to serve Singapore and the regional gold market.

The retail gold market in Singapore is served by BullionStar and a number of other bullion dealers. Precious metals consultancies calculate estimates each year on the level of gold demand in this retail market. But are the consultancy estimates accurate? They appear to be on the low side.

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