Singaporeans queue up to buy gold as prices plunge

SINGAPORE - People were queuing up to buy gold in Singapore on Feb 2 even as prices plummeted, showing the extraordinary resilience in retail demand for precious metals.

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 70-something retiree said she had arrived and got a ticket at 9.30am, but was still waiting to be called more than six hours later.

A long-running rally in precious metals kicked into overdrive in January as the Trump administration upended the geopolitical order and renewed its attacks on the Federal Reserve. Those surges went into reverse on Jan 30, and the rout

continued apace on Feb 2

. At one point, gold had dropped by more than a fifth from a record high last week. 

But rather than seek to sell, many retail investors appeared to be trying to buy the dip in gold, which fell to near US$4,400 an ounce on Feb 2, erasing nearly all its gains in 2026. 

In central Sydney, a queue of people snaked out into the street from an ABC Bullion outlet near Martin Place. 

“I lost a lot of money” on Friday, but “tomorrow’s a new day,” said Alex, a man in his 20s who was lined up outside the Sydney store to buy bullion, declining to give his full name.

Retail buyers may be betting that the main drivers of gold’s ascent – an increasingly unpredictable US president and the debasement trade where investors avoid currencies and sovereign bonds – are still intact. That optimism was shared by Deutsche Bank, which said in a note on Feb 2 it was sticking with its forecast for gold to get to US$6,000 an ounce in 2026.

At UOB in Singapore, many customers who hadn’t pre-ordered were disappointed. All products from MKS PAMP SA, one of the world’s most recognised bullion brands, were sold out, while people who arrived late were out of luck. 

“Due to overwhelming response, the buy queue tickets have all been fully issued for the day,” according to notices posted around the UOB headquarters. “Your patience is appreciated.” BLOOMBERG