SINGAPORE: Some gold dealers in Singapore are seeing a rise in counterfeit items in the market, as elevated prices continue to drive demand.
Since gold prices surged in January, one dealer said he has filed 50 per cent more police reports compared to the same period last year, after encountering suspicious sellers attempting to offload counterfeit items.
The dealer said he sees up to five fake items a week – ranging from buyers seeking to verify their online purchases to individuals attempting to resell questionable gold.
The increase comes as more buyers turn to alternative channels to get their hands on the precious metal.
Gold prices have been rallying since early 2025, with strong momentum carrying into this year, driven by geopolitical tensions, central bank buying and safe-haven demand.
