Gold fever: These charts show the rush for the precious metal in Singapore

Even with the recent pullback, prices are still up by 8 per cent over the past month

Globally, physically backed gold exchange-traded funds (ETFs) recorded their largest monthly inflow of US$26 billion in September, resulting in the strongest quarter on record, according to the World Gold Council.

Gold has hit successive record levels through the year. Driven by expectations of the US Federal Reserve making outsized rate cuts by end-2025, spot gold hit a record high of US$4,300 on Oct 16, and propelled a meteoric rise of CNMC Goldmine shares, which were up by nearly 400 per cent year to date as at Oct 15.

On Tuesday (Oct 21), gold saw its steepest sell-off in years as investors locked in profits, concerned that the rally left the precious metal overvalued.

Even with the drop in price, gold is still up by 8 per cent over the past month.

UOB told The Business Times that, on a monthly average basis, the average monthly transacted weight for physical gold rose about 42 per cent in the first nine months of this year, compared with the overall monthly average last year.

The bank similarly observed a 65 per cent increase in the number of buy transactions for the UOB gold savings account in the first nine months of this year, compared with 2024’s overall monthly average.

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These charts show the gold trends in Singapore and globally as the market heats up.

Singapore: one of the world’s top exporters

In 2024, Singapore ranked ninth globally in gold export volume, according to data from the International Trade Centre.

Spot gold price movement

Analysts attributed the sharp pullback in gold to overbought conditions, softer India demand post-Deepavali and a stronger US dollar. They remain split on what the plunge means for gold’s future.

Gold ETF share price movement

The SPDR Gold Shares ETF trades on the Singapore Exchange (SGX) in a dual-currency listing. Investors can either trade the ETF in US dollars, which is the primary currency, or Singapore dollars. Both counters represent the same underlying asset.

Stock price movements: CNMC Goldmine, Valuemax, Moneymax

These three SGX-listed companies’ businesses are closely tied to the price of gold in different ways. CNMC Goldmine is a pure-play gold producer, whereas Valuemax and Moneymax are Singapore’s leading pawnbroking chains.