Yes, you can buy gold with CPF Ordinary Account savings, but only up to 10% of your investible savings under the CPF Investment Scheme (CPFIS), and only through two routes: SPDR Gold Shares, the one gold ETF on CPF’s list, or gold products from UOB. Special Account savings cannot be used. SRS is different: gold is not on the Ministry of Finance’s list, but some gold ETFs accept SRS money.
Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest. Your Ordinary Account, in contrast, earns a guaranteed minimum of 2.5% a year. That trade-off is the heart of this decision.
How to Buy Gold With CPF: The Rules
From CPF Board’s CPFIS product list (last updated September 2025):
| Rule | What it says |
|---|---|
| Limit | Up to 10% of investible savings in gold |
| Which account | Ordinary Account only; Special Account not allowed |
| Gold ETFs | Only SPDR Gold Shares is included |
| Other gold products | Gold certificates, gold savings accounts and physical gold: approach UOB for the list |
| Investment account | Must be opened with UOB for those other gold products |
| Set-aside | You can invest OA savings only after setting aside S$20,000 in your OA |
Investible savings are, in CPF Board’s words, the sum of your OA balance and the amount of CPF you have withdrawn for investment and education. So with an OA of $100,000 and nothing withdrawn before, the gold limit is about $10,000, and you must still keep $20,000 in the OA.
The short version: CPF gold is capped at 10%, comes from the OA only, and gives up a guaranteed 2.5% floor for a price that can fall. The cap is a ceiling, not a target.
The Two CPF Routes in Practice
SPDR Gold Shares on SGX. You buy through a broker linked to your CPF investment account. The fund’s expense ratio is 0.40% a year, and it trades on SGX as O87 in US dollars and GSD in Singapore dollars. Our SPDR Gold Shares review covers how it works, and the CPFIS explainer covers agent bank charges and the CPF investment account.
UOB gold products. UOB says CPF funds can buy into its Gold Savings Account under CPFIS rules, with an additional charge of three cents per gram when you buy with CPF and none when you sell. The 0.25% yearly service charge plus GST applies as for cash buyers. Gold bought with CPF cannot be converted into physical bars; only holdings bought with non-CPF money can. Our UOB gold review has the detail.
Sale proceeds go back to your CPF, not to you in cash.
What You Give Up: The 2.5% Floor
Money in the Ordinary Account earns a guaranteed minimum of 2.5% a year. S$10,000 left there for ten years grows to about $12,801 at 2.5%.
An illustration with assumed costs, from our gold investment return calculator: $10,000 in a gold account bought 1% above spot and sold 1% below, with a 0.25% yearly charge plus GST, held ten years. If the gold price does not move, you get back about $9,538. Gold has to rise about 0.5% a year just to return your $10,000, and about 3.0% a year to match leaving it in the OA. These are illustration figures, not a forecast.
The CPF OA vs investing break-even guide applies the same logic to other investments.
Using SRS Money for Gold
The Ministry of Finance lists the kinds of investment SRS money can go into, including shares, unit trusts, bonds, fixed deposits, certain insurance products and ETFs. Gold itself is not mentioned, so physical gold and gold savings accounts are generally not SRS options; check with your SRS operator.
Some gold ETFs accept SRS money. Lion Global Investors says SRS money can be used for the LionGlobal Singapore Physical Gold ETF (SGX: GLS in Singapore dollars, GLU in US dollars), which lists a management fee of 0.39% a year. Its page lists cash and SRS as the ways to buy, not CPF. Our SRS explainer covers the tax treatment of SRS withdrawals.
Who This Does Not Suit
- Anyone close to retirement who is relying on OA savings for housing or retirement income in the next few years.
- Anyone who would sell in a panic if gold fell by a fifth.
- Anyone already holding gold outside CPF who would end up with more in one asset than intended.
Our comparison of gold vs stocks vs bonds and our guide to gold in a retirement portfolio set out the risks next to the other assets CPF savings can go into.
What To Do Next
- Log in to CPF to see your OA balance and any amount already withdrawn for investment, then work out your 10% gold limit.
- Ask UOB which CPF gold products it currently offers and their charges, or check SPDR Gold Shares’ factsheet if you use the ETF route.
- Compare the result with the guaranteed OA rate using the gold investment return calculator.
- Do your own due diligence. This is general information, not a recommendation.
