As the demand for gold continues to escalate, United Overseas Bank (UOB), the sole local banking institution in Singapore that trades in physical gold bars and bullion coins, has announced plans to expand its operating hours and implement an appointment-only policy for the purchase and conversion of gold.
Starting from Friday, UOB has extended its gold counter service till 6:00 p.m. during weekdays, barring public holidays. Previously, the services were available until 4:30 p.m. The bank has also decided to discontinue walk-in purchases and conversions of gold.
For patrons wishing to sell their gold back to UOB, the service will continue to be available without a prior appointment from 9:30 a.m. to 4:30 p.m. on weekdays, excluding public holidays.
The bank anticipates that these new measures should decrease wait times for customers and allow them to be served at their preferred time slot.
UOB has made provisions for customers to book their appointments via the bank’s official website. The booking feature will be available from 6:00 p.m. on coming Thursday. The bank is also encouraging its customers to verify the real-time availability of specific gold products online before scheduling an appointment or visiting the branch.
The demand for gold has been witnessing a surge, with people thronging the UOB headquarters to make their purchases whenever there is a dip in gold prices. This year has seen considerable volatility in gold prices, reaching a record high above US$5,500 per ounce in late January, later dropping below $4,500, and finally stabilizing above $5,000. Despite this fluctuation, market analysts are predicting a continuation of the rally, pushing gold prices to new highs in 2026.
Last year, the demand for gold as an investment in Singapore reached a record 9.6 tonnes, denoting a year-on-year increase of a massive 48%, the highest in Southeast Asia, even as prices escalated by 64%.
Kelvin Ng, UOB’s Head of Global Markets Group, revealed that the bank’s physical gold business noted a significant increase of 59% in total transacted volume, calculated in kilograms, compared to the previous year.
This performance aligns with a growing preference among a specific segment of investors for physical bullion, particularly as a means of long-term wealth preservation and portfolio diversification during periods of increased market volatility.
What changes has UOB announced for its gold trading services?
UOB has extended its operating hours till 6 p.m. on weekdays and implemented an appointment-only policy for purchasing and converting gold.
How can customers book an appointment for purchasing or converting gold at UOB?
Customers can book their appointments using the bank’s official website and are encouraged to check the real-time availability of specific gold products before making an appointment.
What has been the trend in gold prices and demand this year?
Gold prices have seen significant volatility this year, reaching a record high and then falling before stabilizing. Despite this fluctuation, market analysts predict a continued rally. The demand for gold, particularly as an investment, has also seen a surge.
