Singaporeans Queue Up to Buy Gold as Prices Plunge

People queued to buy gold in Singapore this week, even as prices plunged, underscoring the resilience of retail demand for precious metals, The Straits Times reported.

Rather than selling, however, many retail investors appeared eager to buy the dip.

At the headquarters of UOB, Singapore’s only bank offering physical gold products to retail investors, clients and walk-in buyers crowded into a dedicated lounge for bullion transactions.

“I came to buy because the price of gold dropped today,” said Ms. Ng Beng Choo.

The retiree in her 70s said she arrived and got a ticket at 9:30 a.m. but was still waiting to be called more than six hours later.

A long-running rally in precious metals accelerated in January as the Trump administration upended the geopolitical order and renewed attacks on the Federal Reserve.

Those gains went into reverse on Jan. 30, with the rout continuing into Feb. 2. At one point, gold had fallen by more than 20% from a record high reached the previous week.

Rather than selling, however, many retail investors appeared eager to buy the dip. Gold fell to near $4,400 an ounce on Feb. 2, erasing nearly all of its gains for 2026.