Goldsmiths selling jewellery at more than RM400 per gramme as demand for gold soars

Publish date: Wed, 17 Apr 2024, 10:24 AM

KUALA LUMPUR: A number of jewellers have taken to selling gold jewellery at more than RM400 per gramme, as demand soars.

Malaysia Gold Association (MGA)  president Datuk Wira Louis Ng said the gold price rally and depreciating ringgit has led to a flurry of trading activity which has seen some jewellers selling at more than RM400 per gramme prices.

Bernama reported that the physical price of gold, as at 9.30 am, stood at RM354.91 per gramme, up RM1.55 from RM353.36 at 5.00 pm yesterday.

"Those who bought gold earlier are now seeing profits and some are even selling off their gold bars and jewellery. This has led to a robust trading environment in Malaysia," Ng told Business Times.

MGA's membership includes not only gold retailers but also key players across the mining, refining, minting, trading, jewellery crafting, pawnbroking, assaying, and logistics sectors.

Louis said while gold prices are staying near historic highs during this time of heightened volatility over rising geopolitical tensions, he warned that prices can as quickly fall as they have a tendency of experiencing drastic corrections.

Spot gold prices hit a record high of US$2,431.29 on Friday.

Citi in its note to investors projected gold prices to trade at US$3,000 per ounce over the next 6-18 months.

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