Gold ETF Singapore: Best Options for Singapore Investors (2026 Guide)

Your complete guide to gold ETFs available to Singapore investors in 2026 — SGX-listed and LSE-listed options compared.

Gold ETFs in Singapore give investors direct exposure to physical gold without owning a bullion bar. Singapore investors can choose from SGX-listed options — including the SPDR Gold Shares (O87), LionGlobal Gold ETF (CLG), and Phillip Gold ETF — or lower-cost LSE-listed UCITS ETFs such as iShares Physical Gold (IGLN) at just 0.12% TER. Physical gold ETFs pay no dividends, so there is no withholding tax consideration, making them straightforward and tax-efficient for Singapore residents.

Not financial advice. All figures are for educational reference only. Data as at April 2026 unless noted.

Table of Contents

Why Gold ETFs Are Trending in 2026

Gold has been one of the standout assets of 2025 and early 2026. Spot gold crossed USD 3,100 per troy ounce in Q1 2026 — a level few investors anticipated — driven by a confluence of macro forces: persistent geopolitical tension, central bank reserve diversification away from the US dollar, and a global rate-cutting cycle that reduces the opportunity cost of holding a non-yielding asset like gold.

For Singapore investors, gold ETFs offer the simplest and most cost-effective way to access this theme. Unlike physical gold bars or coins, gold ETFs are traded on exchanges like the SGX and LSE, can be bought through any standard brokerage account, and avoid the costs of storage and insurance. Unlike gold mining stocks, pure-play gold ETFs track the spot price of physical gold directly — so your return reflects the gold price, not a mining company’s operational performance.

According to the World Gold Council, global gold ETF holdings rebounded significantly in late 2025 and into 2026, reversing several quarters of outflows. Singapore retail investor interest — as tracked by SGX data — also showed a marked uptick in gold ETF trading volumes in Q1 2026, reflecting both the macro narrative and a broader diversification trend away from pure equity exposure.

Whether you are looking to hedge against equity volatility, diversify your portfolio, or simply add a commodity allocation alongside your best S-REITs in Singapore 2026 holdings, gold ETFs deserve a place in the conversation.

What Is a Gold ETF?

A gold ETF (Exchange-Traded Fund) is a fund listed on a stock exchange whose units represent ownership of physical gold held in a vault by a custodian bank. When you buy one unit of the SPDR Gold Shares (O87) on the SGX, for example, you effectively own a fractional interest in physical gold bars stored in HSBC’s vaults in London.

Key characteristics of physical gold ETFs that Singapore investors should understand:

• No dividends: Physical gold produces no income, so gold ETFs do not distribute dividends. This means there is no withholding tax (WHT) to worry about — a contrast to equity ETFs where WHT can erode returns significantly for Singapore investors.
• No capital gains tax in Singapore: Singapore has no capital gains tax, so profits from selling gold ETF units are not taxed at the individual level.
• No US estate tax exposure: Unlike US-domiciled ETFs (e.g. GLD on NYSE), Ireland-domiciled and Singapore-domiciled gold ETFs do not expose Singapore investors to the USD 60,000 US estate tax threshold — a critical consideration for any portfolio exceeding that size.
• TER (Total Expense Ratio): The annual cost charged by the fund manager for managing the ETF. This is deducted from the fund’s NAV daily and ranges from 0.12% p.a. (iShares IGLN on LSE) to 0.50% p.a. (LionGlobal CLG on SGX).

Gold ETFs are not the same as gold futures ETFs (which roll futures contracts and can suffer from contango drag) or gold mining ETFs (which track the equity of gold mining companies, not gold itself). This guide focuses exclusively on physical gold ETFs backed by allocated bullion.

Best Gold ETFs for Singapore Investors: Quick Comparison

Before diving into the detail, here is an at-a-glance comparison of the main gold ETFs available to Singapore investors as at April 2026. Note that all of these are physical gold ETFs — they hold actual gold bullion, not derivatives.

Source: SGX, LSE, fund factsheets and manager websites, April 2026. AUM figures approximate. Note: GLDM (NYSE) is US-domiciled and exposes Singapore investors to US estate tax above USD 60,000 — generally not recommended.

SGX-Listed Gold ETFs: Detailed Review

1. SPDR Gold Shares (O87) — The Benchmark Choice

The SPDR Gold Shares listed on the SGX under the ticker O87 is the most liquid and best-known gold ETF available to Singapore investors. It is a dual-listed version of the iconic GLD ETF managed by State Street Global Advisors, backed by physical gold bars held in HSBC’s London vaults. The SGX-listed O87 trades in USD and is denominated such that each unit represents approximately 1/10th of a troy ounce of gold.

With the global GLD fund holding over USD 75 billion in assets as at April 2026 (making it one of the world’s largest gold ETFs), liquidity is deep and spreads on the SGX are tight. The TER of 0.40% p.a. is slightly above the LSE alternatives but the convenience of trading on SGX during Singapore hours, in a familiar regulatory environment, makes O87 the default choice for most Singapore retail investors and CPF Investment Scheme (CPFIS) members.

Key facts (as at April 2026): Ticker O87, SGX, USD-denominated, TER 0.40% p.a., physically backed by allocated gold bars, custodian HSBC London, not eligible for CPF investment (CPFIS covers only certain approved instruments), SRS-eligible through most Singapore brokers.

2. LionGlobal Gold ETF (CLG) — The SGD Option

The LionGlobal Gold ETF (ticker CLG) is managed by Lion Global Investors — the fund management arm of OCBC — and is unique among Singapore gold ETFs in that it is denominated in SGD. This makes it attractive to investors who prefer to avoid USD currency risk on their stated portfolio value, even though the underlying gold is priced in USD regardless.

The TER of 0.50% p.a. is the highest among the options reviewed here, which is a meaningful drag over a long investment horizon. For a SGD 50,000 portfolio, the annual cost difference between CLG (0.50%) and iShares IGLN (0.12%) is approximately SGD 190 per year — not trivial when compounded over a decade.

That said, CLG’s SGD denomination removes one layer of FX reporting complexity for investors tracking their SGD net worth, and Lion Global as a Singapore-domiciled fund manager brings a level of familiarity and regulatory comfort for local investors. The fund’s AUM stood at approximately SGD 150 million as at Q1 2026, according to the Lion Global Investors factsheet.

3. Phillip Gold ETF (PGOLD) — The Budget SGX Option

The Phillip Gold ETF, listed under ticker PGOLD on the SGX, offers the lowest TER among SGX-listed gold ETFs at 0.35% p.a. It is managed by Phillip Capital Management and backed by physical gold stored in Singapore, giving it a distinct “local custodian” angle that some investors prefer. The fund’s smaller AUM (~USD 50 million as at April 2026) means slightly wider bid-ask spreads than O87, but for buy-and-hold investors this is largely irrelevant.

LSE-Listed Gold ETFs: The Cost-Efficient Alternative

For Singapore investors who already have access to the London Stock Exchange through brokers like Interactive Brokers (IBKR) or Saxo Markets — platforms they may already use for buying CSPX or VWRA — the LSE-listed physical gold ETFs offer significantly lower costs. This is particularly relevant for larger portfolios where the TER difference between SGX and LSE options compounds materially over time.

1. iShares Physical Gold ETC (IGLN) — Best Value on the LSE

The iShares Physical Gold ETC (ticker IGLN, LSE) is managed by BlackRock and is one of Europe’s largest gold funds at approximately USD 14 billion in AUM as at April 2026. Its TER of just 0.12% p.a. makes it the lowest-cost physically-backed gold vehicle available to Singapore investors outside of direct bullion ownership. Gold is stored with JPMorgan Chase Bank as custodian in London vaults, with full auditing by the London Bullion Market Association (LBMA).

IGLN is a UCITS-compliant ETC (Exchange-Traded Commodity), technically structured as a debt instrument backed by physical gold rather than a fund. For Singapore tax and regulatory purposes this distinction is largely academic — it trades and behaves exactly like a gold ETF. For investors who want to add to their passive income Singapore strategy through diversification rather than yield, IGLN’s cost efficiency makes it a strong complement to an equity ETF portfolio. You can also link it with your Singapore retirement calculator to model how a gold allocation impacts your long-term projections.

2. Amundi Physical Gold ETC (GLDA) — The Runner-Up

Amundi’s Physical Gold ETC (ticker GLDA, LSE) matches IGLN’s 0.12% TER and offers a comparable structure with physical gold held by CACEIS Bank in Zurich. With approximately USD 8 billion in AUM, it is slightly smaller than IGLN but still offers excellent liquidity. For investors who prefer diversifying across fund managers, GLDA is a credible alternative to IGLN at identical cost.

Cost Comparison: The Real Price of Owning Gold in Singapore

The TER is not the only cost to consider. Singapore investors also need to account for brokerage commissions, foreign exchange spread (for USD or GBP-denominated ETFs), and custody fees. Here is a realistic total cost of ownership comparison across the main options:

* Estimated total annual cost includes TER plus annualised transaction costs assuming 2 trades/year on a SGD 30,000 portfolio. Source: SGX, LSE, IBKR fee schedules, April 2026.

How to Buy Gold ETFs in Singapore

Buying SGX-Listed Gold ETFs (O87, CLG, PGOLD)

SGX-listed gold ETFs can be bought through any Singapore brokerage account — CDP-linked accounts like DBS Vickers, Phillip Securities, OCBC Securities, or Lim & Tan all support O87, CLG, and PGOLD. The process is straightforward: log into your brokerage platform, search for the ticker (e.g. “O87” or “CLG”), confirm you are buying on the SGX, and place a market or limit order. Settlement is T+2. Minimum board lot is typically 1 unit.

For investors using Syfe referral code to access Syfe Trade, SGX ETFs including O87 are supported. Syfe Trade offers commission-free trades on SGX securities, which further reduces the total cost of ownership for smaller portfolio sizes.

For FSMOne referral code users, FSMOne supports SGX ETF purchases through their online platform with competitive commissions — typically 0.08% with a minimum of SGD 2.50 per trade.

Buying LSE-Listed Gold ETFs (IGLN, GLDA)

To access IGLN or GLDA on the London Stock Exchange, you need a broker that supports international market access. The most cost-effective option for Singapore investors is Interactive Brokers (IBKR), which charges approximately USD 1–3 per LSE trade — one of the lowest commissions available. Saxo Markets and MooMoo also support LSE access, though commissions are slightly higher.

To buy IGLN via IBKR: fund your IBKR account → navigate to “Trade” → search IGLN → select “LSEIOL” (London Stock Exchange, IOB) as the exchange → choose USD or GBP currency → place your order. Settlement is T+2. You can also use the moomoo Singapore review to compare features if you prefer a more app-friendly interface.

Using SRS for Gold ETFs

Singapore investors can use their Supplementary Retirement Scheme (SRS) funds to buy gold ETFs listed on the SGX — including O87, CLG, and PGOLD — through SRS-approved brokers such as DBS, OCBC, and UOB Kay Hian. This provides a tax deduction on SRS contributions and tax-free growth within the SRS account. If you want to model how adding a gold allocation interacts with your overall retirement portfolio, use the Singapore retirement calculator to stress-test different scenarios. Note that SRS funds cannot be used to buy LSE-listed ETFs directly through most SRS brokers.

Gold ETFs are not eligible for CPF investment under the CPFIS scheme — the CPF Board limits CPFIS-approved instruments to specific unit trusts, endowments, and selected SGX-listed shares/ETFs; physical gold ETFs are excluded. For CPF investment strategy options, see our guide on CPF investment strategy Singapore.

SGD Worked Example: The True Cost Difference

To illustrate the cost impact concretely, consider a Singapore investor with SGD 50,000 allocated to gold:

* 10-year cumulative cost assumes static SGD 50,000 portfolio at 0% growth for simplicity. In practice, as the portfolio value rises with gold price appreciation, the TER cost in SGD terms also rises proportionally. Source: TKN calculations based on published TERs, April 2026.

The cost difference between CLG and IGLN over 10 years is approximately SGD 2,128 on a SGD 50,000 portfolio — purely from the TER gap. For investors comfortable using an international broker like IBKR, IGLN’s 0.12% TER is hard to beat. For investors who prefer the simplicity of a local brokerage and SGX settlement, O87 or PGOLD offer a reasonable compromise.

Gold can be a valuable complement to a diversified portfolio — but it should generally represent a modest allocation (5–15%) rather than a core holding. Singapore investors already holding S-REITs or equity ETFs like VWRA may find that adding a passive income Singapore strategy built around REITs and bonds provides better long-term risk-adjusted returns, with gold serving as a portfolio hedge rather than a primary growth engine.

Risks to Consider

Gold ETFs are not without risk. Singapore investors should be aware of the following before allocating capital:

• Gold price volatility: Gold can be highly volatile in the short term. While it tends to hold value over long periods, drawdowns of 20–30% have occurred historically, most recently during the 2022 rate-hike cycle when gold fell from USD 2,070 to below USD 1,620. Investors should only allocate what they can hold through a multi-year drawdown.
• No income: Unlike S-REITs or dividend stocks, gold generates no income. Gold ETF investors rely entirely on price appreciation for returns. If you are building a retirement income portfolio, gold should be a diversifier, not a core income source. Explore our Singapore T-bills 2026 and Singapore Savings Bonds guide for lower-risk income alternatives.
• Currency risk: Most gold ETFs are USD-denominated. When USD weakens against SGD, your gold ETF returns in SGD terms are reduced even if the gold price in USD is flat or rising. LionGlobal’s CLG mitigates this with SGD denomination, though the underlying gold price exposure remains USD-based.
• Custodian and counterparty risk: Though extremely low for major ETFs like O87, IGLN, and CLG, there is theoretical custodian risk — the risk that the bank holding the gold vaults defaults or misplaces assets. This risk is mitigated by independent auditing and regulatory oversight (MAS for SGX-listed ETFs, FCA for LSE-listed ETFs).
• Liquidity risk for smaller ETFs: PGOLD’s smaller AUM means lower daily trading volume. For very large buy or sell orders, this can result in wider spreads. Investors with portfolios above SGD 100,000 in gold ETFs may find O87 or IGLN more liquid.

This article is for educational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a licensed financial adviser before making investment decisions.

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