Singapore's Retail Demand for Gold Surges Despite Price Drop

Despite a significant drop in gold prices on Monday, Singaporean consumers are still queuing to purchase the precious metal, indicating an unusually strong demand among retail investors. According to Jin10, at the headquarters of United Overseas Bank (UOB), the only bank in Singapore offering physical gold products to retail investors, both regular customers and walk-in buyers crowded the lounge dedicated to precious metals trading. Last month, gold prices experienced a sudden surge, but they sharply declined last Friday and continued to fall on Monday. However, many retail investors are not rushing to sell; instead, they are attempting to buy on the dip. These buyers might be betting that the main factors driving gold prices up—such as the unpredictable nature of U.S. President Donald Trump and investors' avoidance of currency and sovereign bond devaluation trades—remain in play. All products from the globally renowned precious metals brand MKS PAMP SA have sold out, leaving latecomers without any stock to purchase. UOB headquarters announced, "Due to overwhelming response, all queue numbers for today's purchases have been fully distributed."