Guide to Silver Price Singapore 2023 today
Daphne has always had a passion for writing and a love for exploring new experiences and trends. After completing her degree in journalism, she began her career as a lifestyle writer for a popular online publication in Singapore. She has since built up an impressive portfolio of articles covering a wide range of topics, from food and travel to fashion and beauty.
Because it is a hard asset and a store of wealth, silver, like gold, can be considered as a safe-harbor investment toward the end of a lengthy bull run.
Silver is a precious metal that is frequently utilized as a store of wealth and as an investment.
As a result, it tends to hold its value better than a country’s currency or after a market catastrophe, making it a useful hedge against crises and inflation.
In addition to being used for electronics, solar panels, medical equipment, dinnerware, and antibacterial applications, silver is also utilized in jewelry and jewelry making.
I bet you’ve reached to this post because you’re thinking about purchasing or investing in silver.
In accordance with this, Singapore would be an excellent place to begin purchasing silver, with reasonable pricing and very reputable bullion merchants.
Interested? Let’s look at how you might start investing in silver, specifically in Singapore.
1 kg Silver Price in Singapore – Silver Price Singapore
In Singapore, the price of silver per gram and/or in other quantities changes almost every day.
So, as of May 2023, today’s price of silver in Singapore amounts to 0.74 SGD per gram.
See the table below to discover Singapore’s silver rates for various quantities:
|Silver Price in Singapore (May 2023)|
|1 gram||0.74 SGD|
|1 ounce||23.05 SGD|
|1 kilogram||741.06 SGD|
|1 tola (3/8 troy ounce)||11.677 SGD|
The lowest silver price in Singapore’s retail market over the past seven days was SGD 0.73 per gram on 26th May 2023, while August 1, 2022, had the highest silver price.
Singapore’s current market silver rate is SGD0.74 per gram, with the highest rate ever recorded reaching SGD1.90 per gram.
The lowest silver price in Singapore’s retail market for a kilogram during the past seven days was SGD 875.46 on August 3, while August 1, 2022, had the highest silver price.
The current market price for silver in Singapore is SGD 881.61 per kilogram.
For comparison, the price of silver per kilogram was SGD 802.73 for the previous 30 days as of July 21st, 2022, and SGD 896.78 as of August 1st, 2022.
You’ll notice that the price of silver fluctuates significantly almost every day, so if you want to buy silver in Singapore, be sure to regularly check this website for the most recent data on silver prices in Singapore.
Recommended: Cheap Diamond Singapore
Main Reasons Why Silver Is So Cheap – Silver Price Singapore
Silver suffers from the problems of both precious and industrial metals since it is seen as both.
It is subject to the impacts of rising interest rates as a precious metal, functioning as an inflation hedge and absorbing some of the weight of gold’s downfall.
It is especially exposed to China’s primary client’s poor industrial and construction demand.
Demand from the solar energy and photovoltaic sectors is also decreasing, as China is now acquiring energy from Russia as a result of Europe-Russia gas issues.
Furthermore, several factors impact its pricing, making it difficult to pinpoint the primary reason. Several other factors continue to influence the price of silver today, so let’s get started.
The price of silver has fallen as a result of this, but it is partly because we no longer consume it as much as we used to.
One of the primary reasons for the cheap price is the abundant supply.
It is believed that there is approximately 20 times more silver on the planet than gold.
Companies can mine it more easily, and that’s not even all of the silver in the world.
Silver is used in a variety of applications in modern technology.
It’s prevalent in long-life batteries used in electronics and timepieces.
Thus, silver is also found in solar panels, which are becoming more common than ever.
And it is still used in many houses today as fine-dining silverware, tea sets, and other items.
Inflation has a significant influence on the price of all precious metals, but traders typically utilize precious metals to mitigate the risk of inflation.
Investors are frequently concerned that a currency may swiftly depreciate, causing a rush of purchases into precious metals.
When considering hyperinflation, gold, silver, and other precious metals are frequently safer investments.
Many countries have gold reserves, but did you know that they also have silver deposits?
Many countries maintain bullion while simultaneously minting coins with it.
Naturally, this impacts the price, and it would be exacerbated if mints elected to produce coins with a greater proportion of silver.
Interest rates influence all assets, including silver.
When investors can obtain big returns through high interest rates, they are less inclined to make additional investments.
If interest rates are excessively low, money loses value over time.
This is typically caused by the inflation rate being higher than the interest rate.
The gold-to-silver ratio fluctuates, thus higher silver prices are not out of the question.
Bullion investors disperse their money among a variety of precious metals, which explains why prices fluctuate.
If the demand for gold, silver, and other precious metals rises, so will the price.
On January 21, 1980, silver recorded its all-time high price of $52.50 per ounce (about $165 per ounce with inflation).
The price increase was so severe that the commodities exchange market intervened to control it.
This resulted in a silver price drop known as “Silver Thursday.”
Silver Price Charts – Silver Price Singapore
Did you know that the lowest silver rate in Singapore’s retail market in the last three months was SGD 780.97/kg on September 1, 2022, and the highest rate was SGD 919.63/kg on October 4, 2022.
Meanwhile, the price of silver on the Singapore market today is SGD 0.88 per gram.
To learn more about the trend of Singapore’s silver rate, see the table below:
|Singapore Silver Rate (SGD)|
|Per Gram||Per Kilogram|
|0.88 (October 25, 2022)||882.91 (October 25, 2022)|
|0.90 (August 1, 2022)||896.78 (August 1, 2022)|
Silver is now valued at around $25 per ounce, but if inflation keeps on its current pace, it might reach $100.
Keep in mind that the biggest inflation rate since 2008 was observed in 2021, with inflation rates averaging over 5%.
Learn more: Rolex Singapore Price
Best place in Singapore to buy silver – Silver Price Singapore
BullionStar, Singapore’s top-rated and most-reviewed gold dealer, is the place most Singaporeans turn to when buying both silver and gold.
Silver is offered by BullionStar’s dealers at extremely fair prices, and they consistently demonstrate a high degree of commitment and openness in all of their transactions.
Meanwhile, Silver Bullion is rated as the second-highest and most-reviewed gold dealer in Singapore, where locals also think highly of the store’s reliability, affordable pricing, and excellent customer service.
On the other hand, if you’re just beginning to acquire and collect such bullion, Silver Bullion is also an excellent place to buy silver.
Can I buy silver directly from a bank? – Silver Price Singapore
Without receiving physical delivery, you may purchase and trade silver via the UOB Silver Savings Account.
The highest silver balance reported in a month is subject to a service fee of 0.25 ounces of silver every month, or 0.375% annually.
If you decide to invest in gold, UOB also offers genuine gold bars and coins, which are not offered for silver.
The minimum amount of gold required for a transaction is 5 grams, and the gold holding is measured in grams.
Gold and silver investments are susceptible to investment risks since they are not insured by the Bank.
Depending on changes in the local and/or global markets as well as the foreign exchange market, the value of the investments and administrative costs may increase or decrease.
Is it better to invest in gold or silver?
Investing in gold or silver as alternative investment can be a good idea. Gold is often seen as a store of value and is more commonly used as a safe-haven asset. It has been known to hold its value during inflation and political uncertainties.
On the other hand, silver is more volatile and its value can fluctuate quite a bit. Therefore, silver is seen as more of an industrial metal, with many practical applications.
If you are looking for a long-term investment with stability, then gold may be a better choice.
However, if you are willing to take on some volatility for the potential of significant gains, then silver may be worth considering.
Ultimately, it’s important to do your own research to make an informed decision when going into precious metals investment.
Now that you’ve reached the end of this post, we hope you’ve gathered and taken note of the most crucial information you should be aware of before investing in silver in Singapore, including its price and other details and facts.
Investing in actual silver is an excellent strategy to protect your wealth during times of economic instability.
But, finding the correct location to purchase silver, on the other hand, is essential for a secure transaction at a fair price.
So if you’re wanting to invest in silver, it might be advisable to give it some serious thought first.
Table of Contents