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Gold via app: Singapore exchange offers everyone a chance to own as prices skyrocket
- The Singapore Precious Metals Exchange is seeking to do away with the notion trading in bullion is only for professional investors or the super-rich
- Gold prices topped US$2,000 per ounce for the first time last month – fuelled by worries about the economic impact of pandemic as well as future inflation
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With the coronavirus pandemic fuelling demand for safe-haven assets for investors to park their cash, a Singapore exchange is offering small-time investors what it says is an easier way to get their hands on the precious metal.
02:09
Gold loses its shine in India as Covid-19 pandemic keeps sales down and shops closed
Gold loses its shine in India as Covid-19 pandemic keeps sales down and shops closed
The Singapore Precious Metals Exchange is seeking to do away with the notion trading in bullion is only for professional investors or the super-rich, by offering small amounts for reasonable prices that can be bought using a phone app.
“When we first started our business a decade ago, obviously we attracted the elite group, people who had money,” said CEO Victor Foo
“But it’s our aspiration to be able to reach the mass market.”
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The price of an ounce of gold topped US$2,000 for the first time last month – fuelled by worries about the economic impact of the virus as well as future inflation – and Foo says sales have risen.
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