The value of gold is commonly measured by a number referred to as the spot price. This price represents the wholesale melt value of gold on the market. The average consumer typically pays a rate much higher than the spot price, which is typically only paid by institutional investors dealing in thousands of ounces of gold. Singapore is one of the few places where any member of the public can buy gold at spot price, without having a minimum order size.
Things You'll Need:
- Investment Capital
Step 1:
Select the price point at which you will buy gold. The value of gold changes slightly from day to day. Identify the target price at which you would like to buy gold. Monitor the market with a financial publication or financial news network and wait for your ideal purchase price.
Step 2:
Go to Little India. Although Singapore is predominantly Chinese, the Indian section of the city is most widely known for it's gold suppliers. Little India is situated along Serangoon Road, between Kitchener Road and Bukit Timah Road.
Step 3:
Visit one of the many gold vendors located along Serangoon Road. Jewelers are referred to as goldsmiths in Singapore. Any of these stores sell their gold according to the current spot price. Because much of the gold comes in the form of jewelry, sometimes even antique items, the actual value of the item may exceed the spot price.
Step 4:
Discuss the amount you would like to spend. The merchant will weigh an amount of gold for you, based on the spot price, measured against the purity of the metal. For example, 24k gold is pure and will be weighed according to the spot price. However, 14k gold is only 58 percent pure, so it takes a larger quantity to meet the spot weight.
Tips:
Gold can also be sold to the same goldsmith you buy from, allowing you to profit by buying and selling from day to day.
References:
- Street Directory: Map of Little India, Singapore
- Street Directory: Goldsmith Shops in Little India
- National Geographic: Singapore Walking Tour: Little India Temples
- Virtual Tourist: Little India, Singapore
- Metropolasia: Little India Shopping
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