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Gold Prices in Singapore Dollars
Gold prices are determined by various pricing mechanisms including the London gold price and exchange-traded derivatives. The price of gold, like other commodities, is in a constant state of flux. Prices can see quiet periods of little movement and can see periods of large price swings and market volatility.
Gold can be quoted in and transacted in any currency. Gold is typically quoted by the ounce, gram and kilo. If you are looking to buy or sell the metal in Singapore, for example, you would see it quoted in the local currency.
The Singapore Dollar is the official currency of Singapore. Like U.S. Dollars, the Singapore Dollar can be divided into 100 cents.
Singapore Dollars are issued and controlled by the Monetary Authority of Singapore. This is the country’s central bank. The authority was established in 1971, and it has numerous responsibilities. Unlike traditional central banks which control currency and direct monetary policy, the Monetary Authority of Singapore is also tasked with acting as Singapore’s financial regulatory authority.
The Monetary Authority of Singapore conducts monetary policy in a manner quite different from many global central banks. Rather than using interest rates as the primary tool for adding or removing liquidity, the MAS utilizes the foreign exchange market to intervene in the country’s currency.
Gold Pricing in Singapore Dollars
The gold market can potentially be affected by many different factors. As a global commodity, gold prices can be affected by geopolitical and economic issues all over the world. Some of the primary influences on the price of gold may include:
- Interest rates
- Central bank sales or purchases
- Currency markets
- Investment demand
- Risk aversion
The Singapore Mint
The Singapore Mint was established in 1968 to mint the country’s circulation coinage. The mint has come a long way since that time, and today is a fully developed business handling all facets of operations from product design to marketing and distribution. The Singapore Mint uses highly advanced minting technology to produce products of the highest quality. The mint also still utilizes the expertise and experience of highly skilled craftsman. In addition to circulation coinage, the mint also produces commemorative coins, gifts, medallions and collectables.
The Economy of Singapore
Singapore’s economy is considered a highly developed market economy, and nation ranks among the best in the world when it comes to ease of doing business, tax rates and low corruption.
Through a state-owned sovereign fund, the country has ownership stakes in numerous key areas of the economy including airlines, media and telecommunications.
Due to its pro-business climate and stable government, Singapore has attracted significant foreign investment. Singapore does a lot of foreign investing itself, and is heavily involved in foreign direct investments.
Singapore does not have significant natural resources, and even water is an important commodity within the country. Singapore exports electronics and chemicals, among other products, and has a very substantial services industry. The country is also a major financial hub for the region.
Singapore is involved in biotechnology, and has been actively investing in the future of this industry within its borders. Added infrastructure as well as research funding and more scientific talent entering the country has led to some major companies setting up shop in Singapore. Pharmaceuticals now make up a significant portion of the nation’s manufacturing output.
Singapore is also home to the leading oil pricing and trading hub in Asia, and it is one of the top export refining centers in the world.
The Government of Singapore has various programs in place to benefit its citizens in areas such as retirement and health care. Smart financial moves are strongly encouraged in the nation, and its citizens have maintained one of the highest savings rates in the world for decades.
As Singapore becomes even more technologically advanced, more foreign investment may potentially find its way into the country. As a major financial services hub with an educated and skilled workforce, demand for gold jewelry and investments could potentially rise along with employment and wages.