Gold Price Singapore
Singapore is an island country in Southeast Asia known officially as the Republic of Singapore. The country lies just north of the equator, at the southern tip of the Malay Peninsula. The nation is composed of a main island as well as 62 islets. Several languages are spoken in the country, with some of the most widely used being English, Malay, Tamil and Mandarin. The country’s government is a unitary dominant-party parliamentary republic. The nation has a population of about 5,600,000 and covers a land area of about 278 square miles.
The official currency of the nation is the Singapore Dollar. Like many other global currencies, the dollar can be subdivided into 100 smaller units of currency called cents. The Singapore Dollar is one of the most heavily traded currencies in the world. The currency is not only used as legal tender in Singapore, but is also used in Brunei. Conversely, the Brunei Dollar can also be used in Singapore. Since the mid 1980s, the Singapore currency has been allowed to float within a specified amount of a central parity.
The Singapore Dollar is issued and controlled by the nation’s central bank, the Monetary Authority of Singapore. The central bank was established in 1971, and oversees numerous aspects of the nation’s financial system including currency, banking, insurance and securities.
If you are looking to buy gold in Singapore or want to see current spot gold prices, the metal will be quoted in the local currency. Quotes may also be available in other global currencies, however, such as U.S. Dollars, euros, Japanese Yen or Great British Pounds. The price of gold is typically quoted by the ounce, gram or kilo and sometimes in additional local units of measure.
The Singapore Mint was established in 1968 to mint circulation coinage. The mint has evolved extensively over the years since, and today produces circulation coinage as well as commemorative coins and collectibles.
The 2018 Singapore Lunar Dog 5 troy ounce old proof coin is a fine example of the quality, craftsmanship and design work that the mint has become recognized for. This collectible proof coin packs five ounces of 999.9 percent fine gold and carries a face value of $200. The coin is part of the Singapore Fourth Chinese Almanac Coin Series that is set to span 12 years, from 2017 to 2028. Each year, the coin will celebrate an animal of the zodiac in a park or natural setting in Singapore.
These types of collectible coins can make a great addition to any portfolio or collection, but may carry higher per-ounce premiums compared to gold bullion bars or high-mintage bullion coins.
The mint also produces a 1 gram 999.9 percent fine gold BU coin that is shaped like a bullion bar. This 2018 Lunar Dog coin carries a face value of $5 and celebrates the year of the dog.
Demand for gold could potentially increase in Singapore as its economy makes further advances. The economy of Singapore already has been ranked as the most open in the world and one of the most pro-business economies.