Gold has fallen about 26% from its peak: how far in Singapore dollars, and how long did past slumps last?
Converted at the day's exchange rates, gold fell from about S$7,112 an ounce on 29 January 2026 to about S$5,271 on 21 October, down 25.9%. On monthly averages the fall is 11.4% to August. Past slumps took 40 to 100 months to recover in Singapore dollars.
Gold set a record of US$5,626.80 an ounce on 29 January 2026, according to news reports, and was about US$4,127 on the morning of 21 October in New York (Fortune). That is a fall of about 26.7% in US dollars. This note converts the fall into Singapore dollars and compares it with earlier slumps.
How far has gold fallen in Singapore dollars?
About as far as in US dollars. Converted at the European Central Bank’s reference rates for each day, which imply 1.2640 Singapore dollars per US dollar on 29 January and 1.2772 on 21 October (ECB), an ounce went from about S$7,112 to about S$5,271.
Gold in Singapore dollars, 29 January to 21 October 2026, using reported daily prices and ECB reference rates. The gold prices and exchange rates are taken at different times of day, so this is an approximate CapsWindow calculation
Monthly averages give a smaller fall because they smooth out the January spike. On World Bank averages (Pink Sheet) and the monthly average exchange rate (FRED):
How far has gold fallen in Singapore dollars?
Change from February
Shared linear scale from zero. Negative values extend left. Missing values are not plotted or treated as zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Month | Gold (US$ per ounce) | US$1 in S$ | Gold (S$ per ounce) | Change from February |
|---|---|---|---|---|
| February 2026 (peak) | 5,020 | 1.2664 | 6,357 | — |
| June 2026 | 4,228 | 1.2878 | 5,445 | −14.4% |
| July 2026 (low so far) | 4,073 | 1.2908 | 5,257 | −17.3% |
| August 2026 | 4,411 | 1.2763 | 5,630 | −11.4% |
| September 2026 | 4,319 | 1.2729 | 5,498 | −13.5% |
The September row is outside this site’s data, which ends in August, but uses the same sources and method. Singapore dollar prices are CapsWindow calculations.
Why is the Singapore dollar fall slightly smaller?
Because the Singapore dollar weakened a little against the US dollar after the peak. From February to August, gold fell 12.1% in US dollars and 11.4% in Singapore dollars, while the US dollar rose 0.8% against the Singapore dollar. The gap is small because the exchange rate barely moved.
This is the opposite of the longer-run pattern. Since December 2019 the Singapore dollar has strengthened from 1.3565 to 1.2763 per US dollar, so over six years gold has risen a little less in Singapore dollars than in US dollars. For Singapore, the exchange rate is a modest adjustment, not the main story. Currencies that weakened sharply against the US dollar this year have seen much smaller falls in their own terms.
How long did past gold slumps last?
The table uses monthly averages. The peak is the highest month of the episode; recovery is the first month back at or above that level.
| Peak | Fall in US$ | Months to recover (US$) | Fall in S$ | Months to recover (S$) |
|---|---|---|---|---|
| January 1980 (US$) | −62.1% | 316 | not measured | not measured |
| September 2011 (US$), November 2011 (S$) | −39.3% | 106 | −32.4% | 100 |
| August 2020 | −15.5% | 32 | −14.4% | 40 |
| February 2026 | −18.9% (to July) | not recovered | −17.3% (to July) | not recovered |
All figures are calculated from World Bank monthly averages; the US dollar results match an earlier CapsWindow analysis. This site’s Singapore dollar exchange rate series starts in January 1981, so the 1980 peak cannot be measured in Singapore dollars.
The two currencies tell slightly different stories. After 2011 the Singapore dollar weakened from about 1.29 to 1.41 per US dollar by late 2015, so the slump was shallower and shorter in Singapore dollars. After 2020 the Singapore dollar strengthened, so gold took eight months longer to get back to its peak in Singapore dollar terms, in December 2023.
What do Singapore buyers actually pay?
The figures above are international benchmark prices, not shop prices. Retail buyers pay a spread. On the evening of 22 October, UOB’s indicative prices for a 1-ounce PAMP bar were S$5,388 to buy and S$5,147 to sell back, a gap of about 4.7% (UOB). Small bars cost more per gram: a 1-gram bar was quoted at S$208, against S$168.27 per gram in UOB’s gold savings account.
Tax also depends on the form of gold. Since 1 October 2012, investment precious metals are exempt from GST: gold bars, ingots and wafers of at least 99.5% purity from refiners on the LBMA Good Delivery list (or endorsed by Enterprise Singapore), and prescribed bullion coins. Jewellery is listed as non-investment metal, so the 9% GST still applies (IRAS). Under CPFIS, at most 10% of investible savings can go into gold (CPF Board).
How does the fall compare with the longer rise?
It is still a large gain over six years. In December 2019 gold averaged S$2,006 an ounce; in August 2026, after the fall, it averaged S$5,630, or 2.81 times as much. In US dollars the multiple is 2.98. Over the same period Singapore’s consumer prices rose about 18% to April 2026.
| Month | Gold (S$ per ounce, monthly average) | Multiple of December 2019 |
|---|---|---|
| December 2019 | 2,006 | 1.00 |
| December 2024 | 3,576 | 1.78 |
| December 2025 | 5,562 | 2.77 |
| February 2026 (peak) | 6,357 | 3.17 |
| August 2026 | 5,630 | 2.81 |
To compare a Singapore dollar amount held in gold with CPI and other measures over your own dates, use the gold calculator.
Open the gold price comparison →
What are the limits of these figures?
Monthly averages hide daily swings, and daily highs differ between sources and times of day; the January record is a reported figure. The daily Singapore dollar estimate mixes gold prices and exchange rates taken at different times. Retail prices include spreads and vary by dealer. Recent reports linked gold's weakness to energy-driven inflation worries and expectations of higher US interest rates, since gold "doesn't pay investors interest" (Yahoo Finance); this note does not test those explanations. Past recovery times do not predict how long the current fall will last.
Questions & answers
How much has gold fallen in Singapore dollars in 2026?
About 25.9% from the 29 January record to 21 October, using each day's ECB reference rates: from about S$7,112 to about S$5,271 an ounce. On monthly averages the fall from February to August was 11.4%. Both are CapsWindow calculations.
Why has gold fallen slightly less in Singapore dollars than in US dollars?
Because the Singapore dollar weakened a little against the US dollar after January, from about 1.26 to about 1.28. Each US dollar of gold then cost slightly more Singapore dollars. The difference is under one percentage point because the exchange rate moved little.
How long did past gold slumps last in Singapore dollars?
On monthly averages, gold took 100 months to regain its November 2011 peak (it fell 32.4% first) and 40 months to regain its August 2020 peak (it fell 14.4%). These are past episodes, not a guide to how long the 2026 fall will last.
Do I pay GST on gold in Singapore?
Not on investment precious metals. Since 1 October 2012, gold bars, ingots and wafers of at least 99.5% purity from recognised refiners, and prescribed bullion coins, are exempt from GST. Jewellery is still taxed at the standard rate (IRAS).
Source
- World Bank - Commodity Markets (Pink Sheet) monthly historical data, gold ↗
- FRED - Singapore dollars to one US dollar, monthly average (EXSIUS) ↗
- European Central Bank - Euro foreign exchange reference rates, US dollar and Singapore dollar ↗
- Fortune - Current price of gold, 21 October 2026 ↗
- Yahoo Finance - Gold price today, 21 October 2026 ↗
- Global Economic - Gold record of US$5,626.80 on 29 January 2026 (Korean) ↗
- IRAS - GST: Guide on Exemption of Investment Precious Metals (IPM) ↗
- UOB - Gold and silver prices (indicative) ↗
- CPF Board - Investing your CPF savings ↗
- CapsWindow - Data & methodology ↗