This week, financial headlines are buzzing with record-breaking milestones and a shake-up of familiar names. We’re seeing a precious metal hit an all-time high, a bill-payment app promising extra perks, and local currencies making notable moves against the US dollar. There’s a surprise slowdown in one of Singapore’s most popular lifestyle sectors, a household optical brand making a difficult decision, and a fresh automated investing tool aimed at making life simpler for busy savers. Curious to know what’s behind the numbers? Here are 7 stories you’ll want to catch up on.
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Gold breaks $5,000 barrier: Historic rally driven by global uncertainty
Gold prices have soared to a record high, surpassing $5,000 (about £3,659) an ounce for the first time. This milestone caps off a year in which gold rose more than 60%, reflecting its appeal during times of financial and geopolitical tension.
What’s fuelling the rally?
- Heightened tensions between the US, NATO, and other nations
- Ongoing trade policy uncertainty, including new tariff threats
- Rising demand for safe-haven assets during market volatility
- Other factors:
- Higher-than-normal inflation
- A weaker US dollar
- Major purchases by central banks
Did you know?
- Only around 216,265 tonnes of gold have ever been mined—enough to fill just a few Olympic-sized pools.
- Silver has also surged, topping $100 an ounce for the first time.
With further interest rate cuts expected and continuing geopolitical uncertainty, some analysts think gold’s rally could continue, though prices may fluctuate with global events.
ALSO READ: Gold Prices Smash New Record—Here’s How to Invest in Gold in Singapore
AXS launches rewards for bill payments: More value for everyday users
Image: AXS
Paying bills just got a little more rewarding in Singapore. AXS, the country’s largest bill-payment network, has rolled out “AXS Rewards” on its mobile app, making it possible for users to earn perks simply by paying their usual bills.
Key highlights:
- AXS Rewards programme lets you:
- Earn AXS Coins with every bill payment (any bill, any organisation)
- Redeem coins for AXS vouchers to offset future bill payments
- Launch promo: Complete just 1 bill payment to unlock a Mystery Box (chance to win vouchers worth up to $88 off your bills)
A recent AXS survey found that 53% of respondents, whether they use AXS or not, prefer cashback as a reward, while 41% favour loyalty points. These findings are reflected in the structure of the new AXS Rewards feature, which allows users to earn AXS Coins with each bill payment, catering to both preferences.
The survey also highlighted that utilities and telecommunications are the most common bills paid, representing more than half of regular transactions among respondents. By incorporating rewards into these frequent payments, AXS is responding to the types of incentives most valued by its user base.
Looking ahead, AXS has indicated that, by Q2 2026, its rewards catalogue will expand to include offers on food, travel, services, and more, aiming to increase the everyday relevance of its rewards for users.
Singapore dollar hits 11-year high against US dollar
The Singapore dollar reached its strongest level against the US dollar since Oct 2014, buoyed by safe-haven flows and expectations that the Monetary Authority of Singapore (MAS) will keep its policy unchanged.
Key drivers behind the rally:
- The Singdollar rose 0.4% to 1.2678 per US dollar on 26 Jan 2026.
- Global investors have been attracted to Singapore’s stability, with the Straits Times Index trading at a record high.
- Speculation about US support for Japanese yen intervention put added pressure on the greenback.
- MAS is expected to maintain its currency-focused policy, as core inflation remains steady. Rather than using interest rates, MAS manages the Singapore dollar’s nominal effective exchange rate (S$NEER) within a policy band.
Other currencies moved too:
- The Malaysian ringgit hit its strongest since 2018.
- The South Korean won climbed to its highest in about 3 weeks.
Over the past year, the Singapore dollar has gained about 6% against the US dollar, reflecting steady investor confidence in Singapore’s economic fundamentals and policy predictability.
Ringgit climbs to 7-year high against US dollar
The Malaysian ringgit reached its strongest level in more than 7 years, trading at 3.9540 against the US dollar on 27 Jan 2026. This is the highest since May 2018, capping a sharp rally for the currency over the past year.
What’s driving the ringgit’s gains?
- External factors:
- US Federal Reserve rate cuts, which have weighed on the US dollar
- Recent developments in Japan, with speculation about coordinated currency intervention
- Internal factors:
- Improved sentiment and renewed investor confidence in Malaysia’s economic outlook
- Ongoing investment flows into the country
Key points from officials and analysts:
- Prime Minister Anwar Ibrahim described the strengthening as a sign of economic confidence, but noted some concerns for exporters and tourism.
- Economists say a stronger ringgit is “highly significant”, with gains seen as broadly positive, though a rapid rise could be a double-edged sword for some sectors.
For most of 2019–2025, the ringgit traded in a much weaker band between 4.10 and 4.80 per US dollar, making the latest move especially notable.
Singapore’s food delivery growth trails region despite ongoing demand
Singapore’s food delivery market grew by 13% in 2025, reaching US$2.9 billion—making it the second-slowest growth among 6 ASEAN countries, according to a new study by Momentum Works.
Key insights:
- Growth rate: 13% in Singapore vs. 18% regional average
- Market share:
- Grab leads with 55% of regional GMV (US$12.5 billion)
- ShopeeFood overtook foodpanda as the second-largest platform
- Order volumes:
- Southeast Asia: 8.5–9.5 million daily orders (almost double India’s volume)
- Singapore’s structural challenges:
- Limited pool of delivery riders
- High availability of affordable dine-in alternatives
- Cost of food delivery often higher than eating out or self pick-up
Regional highlights:
- Thailand posted the fastest growth at 22%, helped by government subsidies and fierce competition.
- Indonesia, Malaysia, and Vietnam each grew by around 18–19%.
Sustaining double-digit growth may become tougher as Singapore’s market matures and consumers weigh alternatives to delivery.
Nanyang Optical to enter voluntary liquidation after 65 years
Nanyang Optical, a well-known home-grown eyecare chain in Singapore, has announced plans to enter voluntary liquidation after 65 years of business. The decision follows a review by the company’s directors.
Key details:
- Stores affected:
- 4 out of 6 stores (those directly operated by Nanyang Optical) will close
- The remaining 2 stores, run under franchise agreements, will continue operating and are not impacted
- What’s next:
- A meeting of creditors is scheduled for 13 February to appoint liquidators and discuss next steps
This marks the end of an era for a brand that’s been part of Singapore’s retail landscape since 1961, and is another sign of challenges facing traditional retailers in an evolving market.
Saxo introduces automated ETF investing in Singapore
Saxo has launched AutoInvest in Singapore, a new service that allows users to set up automatic, monthly investments into exchange-traded funds (ETFs). The solution enables account holders to select up to 10 ETFs from a list of over 100, set a fixed monthly investment amount, and automate their transactions with no commission fees on ETF purchases.
Key features of AutoInvest:
- Choose from 100+ ETFs
- Set up automated monthly investments (no minimum, no lock-in period)
- Access fractional investing for added flexibility
- Edit, start, or stop the service at any time
The offering is available to all Saxo account holders and aims to streamline regular investing, regardless of user experience level. According to Saxo, the move coincides with its 20th anniversary in Singapore and is intended to make regular, diversified investing simpler and more accessible for a broad range of investors.
ALSO READ: Top 10 ETFs in Singapore—The Total Beginner’s Guide to Investing in ETFs
That’s it for this week! Stay tuned for next week’s What’s Happening This Week to keep up with the latest in finance, business, and beyond.
This article was first drafted with the help of AI and later reviewed and refined by the author.
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