Gold is one of the most precious metals. Its price constantly fluctuates according to the supply and demand. Gold has been a valuable science in ancient times. It was a standard currency for the better part of ancient times. Singapore is a large marketplace for gold. And gold price in Singapore is kept at a standard rate by the Singapore Jewelers Association (SJA).
Gold Price in Singapore 2022
The price of a gold futures contract is determined by a number of factors, including the market price of gold, expected changes in supply and demand for the precious metal, the estimated cost of transporting and storing physical gold, and the risk-free rate of return for the gold holder.
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And the gold price in Singapore is determined by the SJA (Singapore Jewelers Association). They keep the market balanced. They will determine the fair gold price that the whole gold marketplace of Singapore has to follow. They keep service to the customer at the top of their priority list. They serve to ensure that the customers always have a good experience. As the gold industry is heavily client-oriented the customers will always come first.
22k, 24k Gold Price Chart
As of January 2022 gold price in Singapore is below:
|Quantity||22 carat||24 carat|
|1 ounce 31.1034768 grams||2462 SGD||2669 SGD|
|1 kilograms 1000 grams||79158 SGD||85807 SGD|
|1 Soveriegn 7.322381 grams||580 SGD||628 SGD|
What is SJA?
The Singapore Jewelers Association (SJA) is the only non-profit organization in Singapore that fully represents all stakeholders in the jewelry industry’s value chain. There are currently around 230 members, including some of Singapore’s most reputable and long-standing jewelry merchants, distributors, manufacturers, education institutions, and laboratories.
The Association’s goal is to boost trust in the jewelry industry by serving as a resource for its members in areas such as best practice development, corporate governance, legal compliance, government grant access, innovation, modernization, and capability building.
The Association has launched a series of training programs to help its members enhance their professionalism, service quality, product knowledge, and compliance capabilities. The introduction of cutting-edge technology to modernize the sector is one of these programs, but it is not the only one.
Why is Gold So Expensive?
The metal is plentiful enough to make coins but rare enough that only a few people can make them. Gold does not corrode, making it a long-term store of value and humans are attracted to it both physically and emotionally. Gold’s worth has been perpetuated by societies and economies placing a value on it.
Gold was becoming a standard of the monetary system around the late bronze age between the time of 1600-1200 BC. As people found out other metals corrode over time and gold does not and it can be stored easily it gained a widespread acceptance of becoming a standardized currency.
Gold has been one of the most desirable metals for humans for centuries and it will continue to be the metal humans seek. Singapore is one of the world’s largest gold markets. Gold price in Singapore is always kept at a fair threshold so that the trading can thrive and the customers can have their satisfaction guaranteed.