Gold rush at Singapore’s precious metal vaults as rich scoop up physical gold

DEMAND for special storage facilities for precious metals is on the rise in Singapore, as wealthy individuals stock up on physical bullions – gold or silver in the form of bars or ingots – as instruments to preserve their generational wealth amid macroeconomic uncertainties.

Singapore-based BullionStar, which is involved in the trading and storing of precious metals, told The Business Times that the quantity of gold and silver housed in its vault has approximately doubled from the end of 2019 to 2023.

On the back of rising storage demand, another major vaulting player, Silver Bullion, recently opened a six-storey facility near Changi Airport.