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UOB is implementing an appointment-only system for gold purchases and conversions at its Raffles Place main branch starting February 13, as the bank responds to surging customer demand for physical gold. Singapore’s only bank offering physical gold products to retail investors announced the new booking requirement will apply to all customers wishing to buy gold bullion or convert their holdings into physical gold at the branch.
According to a media statement released on Monday, February 9, the bank will simultaneously extend operating hours for its gold counters by one-and-a-half hours on weekdays. The counters will now operate from 9.30am to 6pm, excluding public holidays, compared to the previous closing time of 4.30pm. Appointments can be made through the bank’s website starting from 6pm on February 12.
Changes Aimed at Managing Gold Purchase Demand
The new system eliminates walk-in gold purchases and conversions entirely at the branch. However, UOB emphasized that customers wishing to sell gold back to the bank will continue to have walk-in access during the hours of 9.30am to 4.30pm on weekdays, excluding public holidays. The bank stated that the appointment measure should reduce wait times and allow customers to be served at their reserved timing.
The policy shift comes after reports of customers queuing extensively to buy gold at UOB Plaza 1, where a dedicated lounge handles bullion transactions. The scenes reflected heightened retail investor interest in physical gold as a safe-haven asset during a period of significant price volatility.
Gold Market Volatility Drives Customer Interest
Gold prices have experienced dramatic fluctuations in 2026, creating both opportunity and uncertainty for investors. The precious metal surged to a record high exceeding US$5,500 per ounce toward the end of January before dropping below US$4,500, according to market reports. These wild price swings have prompted consumers in Singapore to rush toward gold bars, coins, and other physical gold products.
As prices plummeted last week, demand intensified significantly at UOB’s gold counters. The combination of falling prices and ongoing economic uncertainty appears to have motivated retail investors to increase their physical gold holdings, viewing the dip as a buying opportunity. Additionally, Singapore’s status as a regional financial hub with zero goods and services tax on investment-grade precious metals makes it an attractive market for gold purchases.
Impact on Physical Gold Availability
UOB’s position as Singapore’s sole bank providing physical gold products to retail investors gives it unique exposure to market demand fluctuations. The recent surge in customer traffic has necessitated operational changes to manage service delivery effectively. Meanwhile, the bank’s decision to maintain walk-in services for gold sales suggests that selling pressure has been less intense than buying interest.
The extended hours and appointment system represent the bank’s effort to balance customer service with operational capacity. In contrast to the previous walk-in model, the new reservation system aims to distribute customer flow more evenly throughout the trading day. The additional ninety minutes of daily operating time provides further capacity to accommodate heightened demand.
The appointment-only system at UOB’s Raffles Place gold counters will take effect from February 13, with the bank monitoring whether the new measures successfully address wait times and customer service quality during this period of elevated gold market activity. Authorities have not indicated whether other financial institutions might enter the physical gold retail market in Singapore.
