OCBC has announced the expansion of its gold services to include physical gold trading, allowing institutional clients and high-net-worth individuals from its subsidiary, Bank of Singapore, to buy, sell, and store gold in a secure vault in Singapore starting 10 June 2026. This move comes in response to a 50% increase in global demand for gold bars in Q1 2026, as reported by the World Gold Council.
The decision to offer physical gold trading is part of OCBC’s strategy to enhance its capabilities in the precious metals market. The bank aims to cater to clients’ growing preference for local transactions amid geopolitical tensions and economic uncertainties. Previously, Bank of Singapore clients had to transact with a US-based entity for physical gold.
OCBC will offer two sizes of gold bars: large bars weighing approximately 12.4kg and kilobars weighing 1kg. These bars are individually numbered and allocated to clients, providing more security compared to unallocated gold offerings. The expansion is part of OCBC’s broader strategy to strengthen its position as a trusted gold trading centre in Singapore.
Jason Moo, CEO of Bank of Singapore, highlighted the strategic importance of gold in wealth preservation, especially for ultra-high-net-worth clients. Kenneth Lai, Head of Global Markets at OCBC, noted that the new capabilities represent a significant expansion of the bank’s market-making abilities in precious metals. OCBC plans to extend these services to other client segments in the future.
