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SINGAPORE: Some gold dealers in Singapore are seeing a rise in counterfeit items in the market, as elevated prices continue to drive demand.\u00a0<\/p>\n
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.\u00a0<\/p>\n
The dealer said he sees up to five fake items a week \u2013 ranging from buyers seeking to verify their online purchases to individuals attempting to resell questionable gold.\u00a0<\/p>\n
The increase comes as more buyers turn to alternative channels to get their hands on the precious metal. \u00a0<\/p>\n
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.\u00a0<\/p>\n
In January, gold broke through the US$5,100 mark for the first time. Although it has since fallen, it is hovering above US$4,000, remaining elevated.\u00a0<\/p>\n
This has fuelled demand, particularly in secondary markets such as online platforms and social media resale channels.\u00a0<\/p>\n
E-commerce platform Carousell said searches for gold items rose 17 per cent year-on-year in February.\u00a0<\/p>\n
Mr Kwek Seow Bin, owner of Singapore-based startup Metal & Picks, who runs a Telegram channel for private buyers, said social media platforms are gaining popularity due to limited stock at physical stores.\u00a0<\/p>\n
\u201cWhen supply is tight, (dealers like us) don\u2019t have enough ready stocks to meet consumers\u2019 demands,\u201d he told CNA.\u00a0<\/p>\n
\u201cWhen people purchase physical gold, they want to get their stock immediately. So, if they can’t get it (from bullion stores), they will try secondary markets.\u201d\u00a0<\/p>\n
Dealers say many counterfeit items are entering the market through these channels, often originating from overseas.\u00a0<\/p>\n
Industry players note that while some pieces may look authentic, appearances can be deceiving.\u00a0<\/p>\n
Despite bearing hallmarks of genuine gold \u2013 including certificates and serial numbers \u2013 some items are in fact made of copper or nickel.\u00a0<\/p>\n<\/div>\n