SPDR Gold Shares on SGX lets you own a share of a fund that holds gold, bought and sold through any broker during market hours. It trades as O87 in US dollars and GSD in Singapore dollars, costs 0.40% a year as at November 2026, and is the only gold ETF on CPF Board’s list for the CPF Investment Scheme.
It is a fund, not a dealer, so the Ministry of Law’s dealer register does not apply; you buy units through a broker. The fund’s own page warns that its price “will be as unpredictable as the gold price has historically been”. Gold prices can fall as well as rise; past performance is not a guide; gold pays no interest.
How SPDR Gold Shares on SGX Works
The SPDR Gold Trust holds gold bars, with HSBC Bank plc and JPMorgan Chase Bank as custodians, and its reference benchmark is the LBMA Gold Price PM. Each share tracks a slice of that gold, less the fund’s fee. On SGX it trades in two counters:
| O87 | GSD | LionGlobal (GLS / GLU) | |
|---|---|---|---|
| Trading currency | US dollar | Singapore dollar | SGD (GLS) or USD (GLU) |
| SGX listing | 11 October 2006 | 30 June 2021 | 26 March 2026 |
| Yearly cost | 0.40% sponsor’s fee | 0.40% sponsor’s fee | 0.39% management fee; manager intends to cap the total expense ratio at 0.39% |
| Board lot | 1 share | 1 share | 1 unit |
| Where the gold is | HSBC and JPMorgan custody | HSBC and JPMorgan custody | Le Freeport, Singapore |
| Benchmark | LBMA Gold Price PM | LBMA Gold Price PM | LBMA Gold Price AM |
Figures from each fund’s own page, as at November 2026.
The short version: an SGX gold ETF avoids storage, insurance and dealer buy-back spreads, but you pay a yearly fee for as long as you hold it, plus brokerage, and you never hold the metal yourself.
What It Costs
The only recurring cost inside the fund is the sponsor’s fee of 0.40% a year of net asset value, accrued daily. It is deducted from the fund, so you never see a bill; it shows up as a slightly lower value per share each year.
Outside the fund, you pay your broker’s commission plus SGX fees and GST on those fees. Our comparison of ETF brokers sets out what each broker charges per SGX order. Buying O87 with Singapore dollars also means a currency conversion, which is a cost of its own.
Using CPF or SRS
CPF Board’s CPFIS product list says only SPDR Gold Shares is included among gold ETFs, within the 10% gold limit on investible Ordinary Account savings, after the first S$20,000 is set aside. LionGlobal’s page says SRS money can be used to buy its gold ETF. Our guide to using CPF or SRS for gold covers both schemes.
Worked Example: S$10,000 in GSD for a Year
Our own numbers, with the gold price unchanged for the year:
- Fund fee: 0.40% of $10,000 is about $40, taken inside the fund.
- Brokerage: depends on your broker; check the per-order cost in our broker comparison.
- No storage, insurance or dealer spread, but the market price can sit slightly above or below the fund’s net asset value.
For comparison, a registered dealer’s vault might cost $35 to $69 a year on the same amount, plus the dealer’s buy-back gap when you sell; see our BullionStar and Silver Bullion reviews. The gold investment return calculator lets you set the fee and spread and compare with an interest rate.
Drawbacks and Who It Does Not Suit
- A fee every year. Over ten years, 0.40% a year adds up to roughly 4% of the holding.
- No metal in hand. The Singapore page describes no way for individual holders to take delivery.
- Currency. O87 adds a US dollar exposure, and gold itself is priced in US dollars.
- Liquidity is not guaranteed. The fund’s page says its SGX listing “does not guarantee a liquid market”.
It does not suit someone who wants physical gold they can hold or pass on, or who wants no recurring fee. Alternatives: physical bars from a dealer (see how to buy gold in Singapore) or UOB’s Gold Savings Account.
What To Do Next
- If you are weighing a gold ETF, note the difference between the SGD (GSD) and USD (O87) counters, and check the trading volume of each.
- Read the fund’s prospectus and factsheet on the provider’s site.
- Read where to buy gold in Singapore for how the ETFs compare with dealers and UOB on yearly cost.
- Do your own due diligence. This review is general information, not a recommendation to buy any fund.
