Key Takeaways
- Public Gold is Malaysia's largest physical gold dealer, founded in 2008, member of the Malaysia Gold Association (MGA), and holds a Shariah compliance certification from Amanie Advisors Sdn. Bhd.
- Singaporeans can buy Public Gold by registering with a passport at publicgold.com.my and paying in MYR via bank transfer or credit card.
- The Gold Accumulation Program (GAP) lets you start from RM100 per month with no large upfront purchase. Gold grams accumulate and can be redeemed as physical 999.9 bars.
- The buy-sell spread is approximately 6-9%. This is not a fee but the market structure of physical gold trading. Plan to hold for the medium term so price appreciation can cover round-trip costs.
- CPF and SRS funds cannot be used to purchase physical gold from bullion dealers including Public Gold. Cash only.
- Public Gold operates Gold ATMs in Singapore, part of a global network of 155 machines (Guinness World Record, January 2026). You can buy 999.9 gold bars 24/7 with a card, no account required.
- Gold in your GAP account is a claim on Public Gold (not allocated metal). To eliminate counterparty risk, redeem accumulated grams as physical bars and store them yourself.
Contents
- What is Public Gold?
- Why physical gold, not ETFs or bank accounts
- Products available to Singaporeans
- How the Gold Accumulation Program (GAP) works
- Is Public Gold halal?
- Public Gold vs BullionStar vs UOB Gold vs Maybank GIA
- How to pay: SGD to MYR conversion
- How to sign up (step by step)
- Getting your gold to Singapore
- The Public Gold app
- Frequently asked questions
What is Public Gold?
Public Gold is Malaysia's largest physical precious metals dealer, established in 2008 and headquartered in Kuala Lumpur. It mints, refines, and sells 999.9 purity gold bars, gold dinars, silver bars, and silver dirhams directly to individual investors across Southeast Asia, the UAE, and beyond.
The company was founded by Dato' Seri Louis Ng Chun Hau, who also serves as President of the Malaysia Gold Association (MGA). Public Gold is an MGA member and holds a Shariah compliance certification from Amanie Advisors Sdn. Bhd. Its Gold ATM network, 155 machines across Malaysia, Indonesia, and the UAE, holds a Guinness World Record for the most gold ATM deployments globally (verified January 2026).
Public Gold was briefly placed on Bank Negara Malaysia's Financial Consumer Alert List in 2012, was investigated, and was officially cleared. It is a legitimate bullion dealer, not a financial product provider. It does not promise fixed returns and is not classified as an investment scheme.
Why physical gold, not ETFs or bank gold accounts
Physical gold ownership means you hold actual metal. A gold ETF or bank gold account gives you a financial claim on gold, the gold itself belongs to a fund or bank, not to you. That distinction matters for both practical and Shariah reasons.
The financial case for physical gold
Gold has preserved purchasing power across centuries. As a store of value, not a growth instrument, it serves a specific role in a portfolio: protection against currency debasement, inflation, and systemic financial risk. Physical gold carries no counterparty risk. It does not depend on a fund manager, bank, or institution staying solvent. You own the metal outright.
- No counterparty risk: your gold is yours regardless of what happens to banks or funds
- No annual management fees: ETFs charge 0.25-0.40% p.a. every year; physical gold charges nothing once purchased
- Portable store of value: liquid globally, accepted in any country
- Inflation hedge: gold has historically maintained purchasing power when fiat currencies depreciate
How Much of Your Portfolio Should Be in Gold?
Gold is a store of value, not a return engine. It does not compound like equities or pay income like bonds. Its role in a portfolio is specific: protection against currency debasement, extreme inflation, and systemic financial risk. This affects how much belongs in your portfolio.
A commonly cited allocation range is 5% to 15% of investable assets. Below 5%, gold adds negligible diversification benefit. Above 20%, you are dragging long-term returns without proportional protection benefit.
| Investor Profile | Suggested Allocation | Reasoning |
|---|---|---|
| Young professional, long horizon (20+ years) | 5% or less | Time horizon favours equities for compounding. Gold allocation is a hedge, not a core holding. |
| Mid-career, building wealth (10-20 years) | 5%-10% | Balances growth-oriented assets with a hard asset hedge as wealth grows. |
| Pre-retirement or high-net-worth, capital preservation focus | 10%-15% | As the wealth preservation priority increases, gold's role as an uncorrelated hard asset grows. |
| Active trader or speculative investor | Depends on strategy | Gold may form a larger tactical position, but this is speculative, not a long-term allocation. |
Why physical gold specifically? Gold ETFs and bank gold accounts give price exposure but carry counterparty risk. A gold ETF is only as sound as the custodian holding the underlying metal. Physical gold, bars or coins held directly or in segregated storage, eliminates this. You own the metal. No institution needs to remain solvent for your gold to retain its value.
Gold in a Singapore Muslim portfolio: Islamic finance principles require tangible, real asset ownership. Physical gold held under yadan bi yadan (immediate, hand-to-hand transfer) principles, as Public Gold's GAP provides, is Shariah-compliant in a way that paper gold is not. This makes physical gold the default for halal portfolio construction, not an alternative.
This is not financial advice. I am a Public Gold dealer, not a licensed financial adviser. The allocation ranges above are general reference points used widely in wealth management literature. Your specific allocation depends on your total financial picture, including income, liabilities, existing investments, time horizon, and risk tolerance. For a personalised plan, speak to a licensed adviser.
The Shariah case for physical gold over paper gold
Islamic finance has a specific rule for gold transactions: exchange must be immediate and hand-to-hand (yadan bi yadin). Gold and silver are ribawi commodities, they must be exchanged spot, with no deferral of ownership to either party.
Physical gold like Public Gold satisfies this. You buy gold; ownership transfers immediately; you can take delivery. Paper gold accounts, like the UOB Gold Account, do not. When you open a bank gold account, you are buying a financial claim. The bank holds the gold; you hold a promise. Most Islamic scholars consider this a deferred settlement and therefore non-compliant for Muslim investors.
Gold ETFs are similarly problematic for many scholars: you hold units in a fund, not gold. The settlement is in cash (T+2 equity settlement), not metal. The underlying gold may also be in unallocated pooled storage with no individual ownership.
Why I personally accumulate gold through Public Gold
I started accumulating gold because I wanted a portion of my wealth that sits outside the financial system. Not in a bank. Not in a fund. Metal I can hold and that no institution can freeze, dilute, or default on.
I chose Public Gold over other options for three reasons. First, the Shariah certification matters to me. It is not just a label, the structure of the GAP satisfies the spot-exchange requirement that paper gold accounts do not. Second, the monthly accumulation model fits the way I think about wealth building: consistent, small amounts over years, not one large lump sum. Third, I can take physical delivery of the bars I accumulate. That is the whole point.
I became a dealer because people kept asking me how I do it. Signing up under my link costs you nothing extra and gives you someone to ask questions to. I am not trying to sell you gold. I am sharing what I already do myself.
Public Gold products available to Singaporeans
Gold Accumulation Program (GAP)
The GAP is Public Gold's entry-level product for investors who want to start with a small monthly amount. From RM100 per month (approximately SGD30-32 at current exchange rates), your contributions convert to gold grams at the day's price. Your balance accumulates and can be redeemed as physical bars once you hit whole-gram minimums. See the full GAP breakdown in the next section.
Physical gold bars
Available from 5g to 1kg in 999.9 purity. All bars carry Public Gold's assay certification. Prices track international spot gold with a buy-sell spread of approximately 6-9%. You can collect at any Public Gold branch or arrange secure delivery.
| Bar Size | Indicative Price (MYR) | SGD Equivalent |
|---|---|---|
| 5g | ~RM 3,000 | ~SGD 870 |
| 10g | ~RM 5,900 | ~SGD 1,710 |
| 20g | ~RM 11,800 | ~SGD 3,420 |
| 50g | ~RM 29,500 | ~SGD 8,550 |
| 100g | ~RM 59,000 | ~SGD 17,100 |
Prices are indicative only and move daily with spot gold. Check live pricing at publicgold.com.my.
Gold Dinar
The gold dinar is minted in the classical Islamic denomination: 1 Dinar = 4.25 grams of 22-karat gold. Available in 1 to 10 Dinar sizes. Popular among Muslim investors who want gold in its historical Islamic form. Note that dinars are 22k (916 purity) rather than 999.9, factor this into your pricing comparison.
Silver products
Public Gold also offers 999 purity silver bars and silver dirhams, plus a Silver Accumulation Program (SAP) equivalent to the GAP. Silver is priced at a fraction of gold but with higher volatility and a wider spread.
How the Gold Accumulation Program (GAP) works
The GAP is the most practical entry point for most Singaporeans. It removes the need for a large upfront purchase and lets you build your gold holdings gradually at the current market price each month.
Register a free Public Gold account
Sign up at publicgold.com.my using your passport. Account creation is free. Use my referral link below to ensure your account is correctly linked.
Set your monthly contribution
Minimum RM100 per month (roughly SGD30-32). You can contribute more or vary the amount each month. There is no fixed commitment, you can pause at any time.
Public Gold converts to gold grams
At each contribution, Public Gold converts your MYR amount to gold grams at the day's PG Sell price. Your account balance reflects your total gram holdings.
Redeem as physical gold bars when ready
Once your balance reaches the minimum redemption threshold (e.g. 5g), you can request a physical gold bar. Collect from a Public Gold branch or arrange secure delivery.
Sell back at any time at PG Buy price
You are not locked in. Sell your gold grams back to Public Gold at the current PG Buy price whenever you need liquidity. Your account is always live.
Is Public Gold halal?
Yes. Public Gold holds a Shariah compliance certification issued by Amanie Advisors Sdn. Bhd., one of Southeast Asia's leading Islamic finance advisory firms. The certification covers Public Gold's gold and silver products including the GAP.
What makes it compliant
- Spot transaction (yadan bi yadin): gold ownership transfers at the point of purchase. You own the metal immediately, satisfying the Islamic requirement that gold be exchanged hand to hand without deferral.
- Real ownership: you own actual physical gold, not a paper claim or a financial contract based on gold.
- No riba: no interest charges on any product. The GAP is a purchase program, not a loan or deposit-taking scheme.
- No gharar: pricing is transparent, tied to live international spot rates, and published continuously. There is no ambiguity in what you are buying or at what price.
- AAOIFI alignment: the GAP structure is designed to meet AAOIFI standards for gold trading, which require immediate counter-value exchange.
Why bank gold accounts are not the same
A bank gold account (like UOB Gold Account or Maybank Gold Investment Account) is a paper product. When you deposit money, the bank credits your account with gold units, but you hold a financial claim, not metal. Physical delivery is not the standard mode of settlement. Most Islamic scholars consider this a deferred transaction in a ribawi commodity, which is prohibited under AAOIFI standards and the position of most contemporary Islamic finance bodies.
Public Gold's physical products, where you own metal that can be delivered to your door, are structurally different and compliant with the spot-exchange principle.
How to pay Public Gold from Singapore: SGD to MYR conversion guide
Public Gold is a Malaysian company. All transactions are in MYR. As a Singaporean, you need to convert SGD to MYR before making payment. The method you choose affects how much you actually pay, conversion costs add to your total gold acquisition price on top of the buy-sell spread.
Conversion options compared
| Method | Typical Spread | Transfer Speed | Best For |
|---|---|---|---|
| Wise | Mid-market rate + 0.4-0.6% fee | Same day or next day | Regular GAP contributions. Lowest all-in cost. |
| YouTrip | Mid-market rate, no fee | Instant (card payment) | Credit/debit card payments on PG website. |
| DBS/OCBC/UOB Remittance | ~1-2% above mid-market | 1-3 business days | Larger one-time bar purchases where you already have SGD in the bank. |
| Money changer (Mustafa, People's Park) | 0.3-0.8% above mid-market | Instant (cash) | Occasional large purchases. Requires cash handling in MYR. |
| Airport / hotel | 3-5% above mid-market | Instant | Not recommended. Highest cost. |
Real cost example
RM500/month GAP contribution at SGD/MYR 3.38:
- SGD equivalent: ~SGD148
- Wise fee (~0.5%): ~SGD0.74
- Total SGD cost: ~SGD148.74
- PG buy-sell spread (held 3 years, gold price up 10%): break-even at ~7% gain
Over 12 months that is approximately SGD1,785 total invested in gold. Small amounts, consistent contributions, long horizon.
Public Gold vs BullionStar vs UOB Gold vs Maybank GIA
Four of the most common gold options for Singaporeans and Malaysians each work very differently. Here is a direct comparison on the dimensions that matter most.
| Factor | Public Gold | BullionStar SG | UOB Gold Account | Maybank GIA / MIGA-i |
|---|---|---|---|---|
| Type | Physical gold (real metal) | Physical gold (real metal) | Paper gold (bank account) | Paper gold (bank ledger in grams) |
| Physical delivery | Yes | Yes | No | Yes, redemption fees apply (1g bar = RM25) |
| Shariah-compliant | Yes (Amanie Advisors cert) | Not certified (spot gold generally accepted by scholars) | No (paper/deferred) | MIGA-i variant only (Maybank Islamic) |
| Minimum purchase | RM100/month (~SGD30) via GAP | 1g (~SGD60+) or buy-from-vault | SGD1 | 1g (MGIA) or RM10 (MIGA-i) |
| Buy-sell spread | ~6-9% | ~1-5% (lower for larger bars) | ~2-4% | ~4-5% (varies daily) |
| Storage | Public Safe vault or home delivery | BullionStar vault (Singapore) | N/A (bank holds notional) | N/A (Maybank holds notional) |
| Counterparty risk | Low (you own metal) | Low (you own metal) | High (bank credit exposure) | High (bank credit exposure) |
| Monthly savings program | Yes (GAP) | No | Yes (GIA) | Price-trigger orders only (no fixed monthly RSP) |
| Currency | MYR | SGD | SGD | MYR only |
| Available to Singaporeans | Yes | Yes | Yes | Requires Maybank Malaysia account |
| Buyback | Yes (PG Buy rate) | Yes | Yes | Yes |
| Account fee | Free | Free | Free | Free (optional vault agent fee 0.5%/year if applicable) |
Which is right for you?
Choose Public Gold if you want certified Shariah-compliant physical gold with a low entry point (RM100/month), want the option of building up to physical bar delivery, and are comfortable with transactions in MYR with a Malaysian company.
Choose BullionStar if you want physical gold stored in Singapore with a tighter spread on larger purchases and prefer transacting in SGD locally.
Maybank GIA suits Malaysian-based investors who want digital gold exposure with minimal friction and a low minimum (RM10 via MIGA-i). The MIGA-i variant is Shariah-certified. Physical redemption is possible but carries fabrication fees. Not directly accessible for Singaporeans without a Maybank Malaysia account.
Avoid UOB Gold Account and standard Maybank MGIA if you want actual physical ownership or Shariah compliance. Both are paper products, convenient for short-term price exposure, but you do not own real gold.
How to buy Public Gold in Singapore (step by step)
Click my referral link to start your account
Use the sign-up link below. This ensures your account is registered under my dealer code. Your pricing is identical whether you use a referral link or sign up directly, the link simply links us as account holder and referring dealer.
Sign Up at Public Gold →Register with your passport
As a Singaporean, use your passport for registration (not NRIC, which is for Malaysian citizens). Enter your details and verify your email. Account creation is free.
Choose your product: GAP or physical bar
For most first-time buyers, the Gold Accumulation Program (GAP) is the simplest start, from RM100. If you want a physical bar immediately, browse the product catalogue and select a size.
Make payment in MYR
Public Gold accepts FPX (Malaysian online banking), credit card, and bank transfer. As a Singaporean, you will need to convert SGD to MYR. Use a multi-currency account (Wise, YouTrip, or your DBS/OCBC/UOB online banking for telegraphic transfer) to minimise conversion costs.
Collect or accumulate
For physical bars: collect at a Public Gold branch in Malaysia or arrange secure delivery. For GAP: your gold grams accumulate in your account. Track your balance, set up recurring contributions, and request redemption as bars when ready.
Ready to start accumulating gold?
Free account. No minimum commitment. Sign up through my dealer link and I can guide you through your first purchase.
Sign Up at Public Gold → Or WhatsApp me first if you have questionsWhere to check the Public Gold gold price
Public Gold prices update continuously during market hours. They are not fixed, they track international spot gold (priced in USD) converted to MYR at the live exchange rate, plus a minting and distribution premium.
The two prices you need to know
| Price Type | What it means | When it applies |
|---|---|---|
| PG Sell | The price you pay when buying gold from Public Gold | On every purchase (GAP, bar, dinar) |
| PG Buy | The price Public Gold pays you when you sell back | When you redeem or liquidate |
| Spread | Gap between PG Sell and PG Buy (~6-9%) | Your cost on each round trip |
Live prices are published at publicgold.com.my and update in real-time during trading hours. The Public Gold mobile app also shows live prices and your portfolio value. Prices on this page are indicative only and change daily.
Getting your gold to Singapore: delivery, collection, and customs
Buying gold from a Malaysian company as a Singaporean raises an immediate practical question: how does the metal actually get to you? There are three options, and the right one depends on how much you are accumulating and how often you travel to Malaysia.
Option 1, Collect in Malaysia
The simplest option. Once your GAP balance reaches a redemption threshold (e.g. 5g, 10g, 20g), request a bar and collect it at any Public Gold branch in Malaysia. No courier involved, no cross-border paperwork for amounts under the permit threshold. If you visit Malaysia regularly, for work, family, or shopping, this costs nothing beyond the trip you were already making.
Option 2, Store in Public Safe (Malaysia)
Public Gold offers vault storage through its Public Safe service. Your bars stay in a secure facility in Malaysia until you are ready to take delivery. This avoids the need to transport gold at all until you want a meaningful quantity. There is no rush to move metal across the border.
Option 3, Arrange delivery to Singapore
Public Gold can arrange physical delivery for bars. Delivery fees and insurance costs for shipments to Singapore are not published on the public website, they are set by the dealer network and depend on the quantity and current logistics arrangements. Contact your dealer directly for the current rate before committing to delivery.
Singapore Customs, what you need to know
The good news: Singapore has clear, investor-friendly rules on importing physical gold.
| Rule | Detail |
|---|---|
| GST on investment gold | Exempt. Singapore classifies investment precious metals (IPM) as GST-free. Public Gold bars (999.9 purity) qualify. |
| Import duty | None. Singapore has zero tariffs on precious metals. |
| Import permit threshold | If you are bringing in more than 0.5kg of gold, you must obtain an In-Non-Payment (GST Relief) permit from Singapore Customs before importing. Below 0.5kg, no permit is needed. |
| IPM qualifying criteria | Gold must be at least 99.5% purity (Public Gold is 999.9, which qualifies), in bar/ingot/coin form, produced by an LBMA-accredited refiner. |
The Public Gold app: what you can actually do
The Public Gold app (available free on iOS and Android, search "Public Gold") is your primary interface for managing your gold account after registration. Here is what each part does.
Dashboard
The home screen shows your GAP (Gold Accumulation Program) total balance in grams, the current GAP price per gram in MYR, and your estimated portfolio value. If you also hold silver through the Silver Accumulation Program (SAP), you can toggle between your gold and silver balances from the same dashboard. The live gold price updates every few minutes during market hours, GAP prices reset daily at midnight.
Buying gold (top-up)
Tap Buy from the dashboard. Enter the amount in MYR (minimum RM100). Review the gram equivalent at today's price, then confirm. Payment is via FPX, the Malaysian online banking gateway. Your grams are credited immediately after payment confirmation.
Selling gold (buyback)
Tap Sell. Enter the number of grams to sell (minimum 1 gram). The app shows the MYR payout at the current PG Buy price. Confirm the transaction. Proceeds are credited to your registered Malaysian bank account within 1 to 3 business days. You cannot sell to a Singapore bank account directly, proceeds go to the Malaysian account registered to your Public Gold profile.
Requesting physical delivery (GIT)
GIT stands for Gold In Transit. Once your GAP balance reaches a bar size threshold, you can request physical delivery from within the app. Bars up to 21.25g (equivalent to 5 gold dinars) can be couriered to your home address. For larger quantities, branch collection or alternative arrangements with Public Gold apply. Redemption starts from 0.5 gram. You pay a small fabrication and handling fee at the point of redemption.
Transaction history
All purchases, sales, and GIT requests are logged in the transaction history screen. Useful for zakat calculations, you can see your holding period and gram total at any date.
Live prices
The app shows live prices for gold, silver, and gold dinars. These are Public Gold's own quoted prices (PG Sell = what you pay; PG Buy = what they pay you on buyback), not raw spot. The spread between the two is approximately 6-9%, visible in the app so you always know your entry and exit costs before confirming.
| Action | Available in app? | Notes |
|---|---|---|
| Check GAP gram balance | Yes | Dashboard home screen |
| Buy gold (top-up) | Yes | FPX only, Malaysian bank accounts required |
| Sell gold (buyback) | Yes | Minimum 1g; proceeds to MY bank, 1-3 days |
| Request physical delivery (GIT) | Yes | Up to 21.25g couriered; larger at branch |
| Live gold / silver price | Yes | PG Sell + PG Buy prices, updates every few minutes |
| Transaction history | Yes | All purchases, sales, GIT requests |
| Silver accumulation (SAP) | Yes | Toggle from dashboard |
| Price alerts / push notifications | Not confirmed | Feature not documented in app; monitor prices manually |
| Dealer referral / business centre | Partial | Main dealer tools are on the Public Gold website, not in-app |
Frequently asked questions, People also ask
Baca dalam Bahasa Melayu
Halaman ini juga tersedia sepenuhnya dalam Bahasa Melayu untuk pelabur Malaysia dan Singapura.
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