DBS Tokenized Gold Opens Retail Access as Bullion Demand Doubles

DBS will launch tokenized physical gold for retail customers in the second half of 2026, the bank said Tuesday. Each DBS Physical Gold Token represents one gram of bullion stored in a dedicated DBS vault in Singapore. At current prices, one gram runs roughly SGD 200 ($155).

The offering lets retail users buy fractional gold, trade holdings around the clock, and settle through blockchain infrastructure. Unlike some digital gold products, investors can redeem tokens for physical metal.

James Tan, DBS Group Head of Investment Products and Advisory, said access to physical gold has traditionally been limited to institutional and accredited investors. "We are now leveraging tokenisation to broaden access, enabling more retail customers to invest in gold in a safe and meaningful way," he said.

DBS will handle vaulting, tokenization, custody, issuance, and distribution internally.

Gold hit a record $5,600 an ounce this year before pulling back to roughly $4,112, a drop of about 27%. Despite the correction, demand has not faded. Physical gold holdings among DBS wealth clients have more than doubled over the past three years, the bank said, pushing it to expand access beyond wealthy investors and institutions.

The launch fits Singapore's push to become a hub for gold trading and digital assets. DBS has already tokenized structured notes on Ethereum, listed Franklin Templeton's tokenized money market fund sgBENJI, and added Ripple USD to its digital asset ecosystem. The bank is also exploring listing the gold token on the DBS Digital Exchange for institutional and accredited investors.