This glossary explains the words you meet when buying gold and silver in Singapore, from the GST exemption for Investment Precious Metals to 916 jewellery gold, tael bars, premiums and buy-back spreads. Each entry starts with a short definition, then shows what the term means for a buyer paying in Singapore dollars, with worked examples on coins and bars sold here.
It is written for first-time buyers and for anyone who wants to check a dealer quote before paying. When you know the terms, comparing offers gets easier: see today's lowest-priced gold coins in Singapore, ranked by the final price you actually pay.
All terms
B
- Bid-Ask Spread
- The bid-ask spread is the difference between the price at which a dealer sells a bar or coin (ask) and the price at which it buys the same item back (bid). It is the cost of buying and then selling.
- Bullion
- Bullion is gold, silver or platinum in bars, ingots or coins whose price is set mainly by the weight and purity of the metal, not by design, rarity or craftsmanship.
F
- Fineness
- Fineness is the share of pure gold, silver or platinum in a piece of metal, written in parts per thousand. Gold marked 999.9 is 99.99% pure, while 916 jewellery gold is 91.6% pure.
I
- Investment Precious Metals (IPM) and GST
- Investment Precious Metals (IPM) are gold, silver and platinum bars, ingots, wafers and listed coins that meet IRAS purity and market criteria. Their import and local supply have been exempt from GST in Singapore since 1 October 2012.
K
- Karat
- Karat (K) is a scale for gold purity based on 24 parts: 24K is pure gold, 22K is 22 parts gold out of 24, or 91.6%. It is mainly used for jewellery, while bullion is usually marked by fineness.
L
- LBMA Good Delivery
- LBMA Good Delivery is the standard set by the London Bullion Market Association for large gold and silver bars and the refiners allowed to produce them. Its list of accredited refiners is used worldwide as a mark of quality.
N
- Numismatic Coins
- Numismatic coins are coins valued for rarity, age, condition, mintage or finish rather than only their metal content. Proof coins with a mirror finish and limited issues are typical examples.
P
- Premium over Spot
- The premium over spot is the amount a buyer pays above the value of the metal in a bar or coin, usually shown as a percentage of the spot price. It covers production, distribution and the dealer's margin.
S
- Spot Price
- The spot price is the current wholesale price for gold, silver or platinum for immediate delivery, quoted per troy ounce, usually in US dollars. Retail products in Singapore are priced from it, plus a premium.
T
- Troy Ounce
- A troy ounce (oz t) is the standard unit for weighing precious metals and equals 31.1035 grams. It is about 10% heavier than the everyday avoirdupois ounce of 28.35 grams.
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