SINGAPORE: UOB customers who wish to buy gold or convert their holdings into physical gold at the bank's main branch at Raffles Place will have to do so by appointment only from Feb 13.
Amid a recent surge in demand, UOB will also extend the operating hours at the gold counters by one-and-a-half hours.
From Feb 13, gold counters for purchasing bullion will open from 9.30am to 6pm on weekdays (excluding public holidays), instead of closing at 4.30pm.
Walk-in gold purchases or conversions will no longer be accepted.
"With this measure, wait times should be reduced and customers can be served at the timing of their reservation," UOB said in a media statement on Monday (Feb 9), adding that appointments can be made on its website from 6pm on Feb 12.
"For customers who wish to sell gold back to us, they will still be able to do so at the gold counters without making an appointment from 9.30am to 4.30pm, Mondays to Fridays, excluding public holidays," UOB said.
UOB is Singapore's only bank offering physical gold products to retail investors.
As prices plummeted last week, people were reportedly queuing to buy gold, with customers crowding into a lounge for bullion transactions at UOB Plaza 1.
The price of gold has seen several wild swings in 2026, surging to a record high of more than US$5,500 per ounce towards the end of January before dipping below US$4,500.
In response to CNA's queries, Mr Kelvin Ng, UPB's head of global markets group, said that the bank's physical gold segment saw strong growth, with the total transacted volume, measured in kilograms, increasing by 59 per cent year-on-year in 2025.
"This performance reflects a parallel and strengthening preference among another segment of investors for physical bullion, particularly as a means of long‑term wealth preservation and portfolio diversification during periods of elevated market volatility," he said.
The transacted volumes on its gold savings account rose by 48 per cent year-on-year.
"Overall, these trends point to a broad‑based increase in gold investment activity among our retail customers," Mr Ng said.
"We advise customers to leverage the convenience of online dealing for our gold savings account, to avoid the long queuing times during this period of heightened demand."
Customers who buy physical gold online will be able to collect their purchases from the next working day and up to 10 working days after their purchase.
From Feb 13, these online purchases can be collected by booking an appointment with the bank.
UOB noted that its gold savings account enables customers to buy and sell gold digitally, while being able to convert their holdings to physical gold.
Continue reading...
Amid a recent surge in demand, UOB will also extend the operating hours at the gold counters by one-and-a-half hours.
From Feb 13, gold counters for purchasing bullion will open from 9.30am to 6pm on weekdays (excluding public holidays), instead of closing at 4.30pm.
Walk-in gold purchases or conversions will no longer be accepted.
"With this measure, wait times should be reduced and customers can be served at the timing of their reservation," UOB said in a media statement on Monday (Feb 9), adding that appointments can be made on its website from 6pm on Feb 12.
"For customers who wish to sell gold back to us, they will still be able to do so at the gold counters without making an appointment from 9.30am to 4.30pm, Mondays to Fridays, excluding public holidays," UOB said.
UOB is Singapore's only bank offering physical gold products to retail investors.
As prices plummeted last week, people were reportedly queuing to buy gold, with customers crowding into a lounge for bullion transactions at UOB Plaza 1.
The price of gold has seen several wild swings in 2026, surging to a record high of more than US$5,500 per ounce towards the end of January before dipping below US$4,500.
Related:
In response to CNA's queries, Mr Kelvin Ng, UPB's head of global markets group, said that the bank's physical gold segment saw strong growth, with the total transacted volume, measured in kilograms, increasing by 59 per cent year-on-year in 2025.
"This performance reflects a parallel and strengthening preference among another segment of investors for physical bullion, particularly as a means of long‑term wealth preservation and portfolio diversification during periods of elevated market volatility," he said.
The transacted volumes on its gold savings account rose by 48 per cent year-on-year.
"Overall, these trends point to a broad‑based increase in gold investment activity among our retail customers," Mr Ng said.
"We advise customers to leverage the convenience of online dealing for our gold savings account, to avoid the long queuing times during this period of heightened demand."
Customers who buy physical gold online will be able to collect their purchases from the next working day and up to 10 working days after their purchase.
From Feb 13, these online purchases can be collected by booking an appointment with the bank.
UOB noted that its gold savings account enables customers to buy and sell gold digitally, while being able to convert their holdings to physical gold.
Continue reading...