Appetite for gold in Singapore has been rising as the year winds down.

The year 2012 will usher in the Year of the Dragon for the Chinese on Jan. 23. This early, craftsmen are already busy creating dragon-themed gold coins and ingots, where a set reportedly could cost $5,000.

Private mints shops in Singapore reported orders from jewellers and gold shops have boosted sales in the last few days by at least 20 per cent, a report by Channel NewsAsia said.

The sales of the Chinese New Year gold not only preserve or increase in value, but also contained rich cultural content and superb craftsmanship. Different patterns have different meanings: "Onward & Upward" and "Grand Prospect" are good gifts for business partners; "Good luck and Happiness" and "Smooth Journey" for close friends; and "Blossoming Flowers" for females. There are also gold bars with colorful patterns, more elegant but more expensive.

This year's best-selling precious metals products for the Chinese New Year have two characteristics: the dragon-themed, and the other with rich cultural content and exquisite traditional craftsmanship, according to the China Economic Net.

In 2011, the China Gold Coin Inc. had issued the Dragon Year Gold Bar in five sizes, in 1,000 grammes at 350 pieces, 500 grammes at 1,000 pieces, 200 grammes at 1,500 pieces, 100 grammes at 16,000 pieces and 50 grammes at 24,600 pieces. Each has a purity of 99.99 per cent gold and weighs 3,980 kg, the China Economic Net reported, noting that despite growing market demands, the issued volume of the Dragon Year Gold Bar remained the same like last year, which further increases its rareness and appreciation potential.

Gold, long considered a safe haven to support one's fiscal being, hit a wall when its prices tumbled $1,560.97 in the middle of December.

It now trades at $1,600 per ounce average.

Its last record high was in August 2011 at $1,915 per ounce.

Historically, the yellow metal reached its real high three decades ago at $2,500 per ounce.