Singapore - Mention gold bars and you'd think of cackling heartland aunties. Well, not anymore.

These days, well-educated professionals, some in their 20s, are buying up gold bars, says Mr Zane Lim, regional manager of operations of BullionStar.

Set up last August by Swedish dealer Liberty Silver, BullionStar deals with gold and silver bullion.

Bullion refers to precious metals in bulk form - think bars - which are regularly traded on commodity market.

With the prices of gold tumbling three weeks ago, demand for gold bars have increased.

The slump was a response to weak Chinese growth data and reports that crisis-hit Cyprus was planning to sell some of its gold reserves, explains Mr Lim.

He tells The New Paper on Sunday that while the majority of people purchasing gold bullion are 30 years and older, there has been a significant increase in younger people buying them.

Mr Lim says total sales in April have far exceeded the total collective sales of previous months.

He adds: "We have seen a 300 per cent jump."

He says: "Of course, they buy the smaller bars that are around 50g to 100g that are about $3,033 and $6,040 currently, whereas the older professionals usually go for the 1kg bars."

One such young buyer is 21-year-old first-year undergraduate Matthew, who says he buys bullion in small amounts as an alternative to a savings account.

"I treat it as a better form of savings compared to something like placing money in the bank.

"Instead of merely getting some interest from the banks, there is more to be gained from the bars because at some point, the price will appreciate," he says.

He has, collectively, about 2kg in silver. And with the recent drop in gold prices, he bought two tiny gold bars - each weighing 5g and costing about $370.

While he keeps most of his bullion in bank vaults and deposit boxes, he does keep some of his precious metal at home, in his room.

As such, he requested that we only use his first name because he fears he will be identified and risked being robbed.

"I am intending to buy more to take advantage of the gold price so that I can sell them should I need money in the long term," he says, adding that he keeps track of the metal prices online.

Though prices are currently increasing, Mr Lim says it is not too late for people to get their hands on some gold bars.

"It is still a very good buying opportunity as the current prices are still way lower than the record US$1,900 (S$2,344) per troy ounce (31.10g)," he says.

That makes it a cool $75.40 per gram.

He added: "Buying gold is also good because the world is getting increasingly uncertain economically, so it makes sense to buy into precious metals like gold that has retained its value and has been used as a currency for over 5,000 years."

Mr Song Seng Wun, a regional economist at CIMB Research, says that it may be wise for people to look forward to the next round of slumps in gold price that should happen in the near future.

"From my perspective, there may be another round of price correction, so there will be another chance for people to buy gold bullion at a lower price."

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