By AMY CHEW sunday@thestar.com.my
Source: The Star
On Friday, jewellery shops in the country were selling 999.9 gold at RM166 per ounce, an increase of RM6 per ounce over the previous day.
“This is the biggest one-day price jump for this year,” said the manager of a large jewellery store in Petaling Jaya.
Last Thursday, gold prices hit US$141.80 (RM432.63) per ounce on the back of upheaval in the Arab countries and high oil prices, sparking worries of inflation.
“In times of war and great uncertainty, people will want to hold something more than just money. They will want to buy gold ingots,” said Datuk Seri Andrew Kam, chairman and chief executive officer of Peninsular Gold Limited.
“We have seen that happen during the Vietnam war,” Kam added.
eninsular Gold is one of the country’s largest gold producers.
Poh Kong Jewellers, one of Malaysia’s largest retail jewellery chain stores, has seen sales in-creasing since the violence in Libya escalated about two weeks ago.
Its head of corporate communications Margaret Hon said: “It (sales) does correspond with global economic uncertainties. People are investing in gold to hedge against inflation.”
The jewellery store in Petaling Jaya described its sales as having increased “by a lot”, with customers buying gold bars and jewellery. According to its manager, men had been buying up 1kg gold bars while the women mostly bought jewellery. His shop also sells gold wafers weighing 25gm, 50gm, and 100gm.
Most of his customers are aged 40 and above, he said.
“Young people are not so fond of investing in gold.”
Poh Kong, however, reported having young professionals as its customers.
“The people who come to our stores are from all age groups, from new entrants to the job market to the elderly,” Hon said.
As the crisis in Libya and the Middle East continues, gold prices are expected to rise in line with the uncertainties.
“There will also be higher demand from countries in the Middle East as they are close to the affected regions,” said Kam.
Source: The Star
"In times of war and great uncertainty, people will want to hold something more than just money. They will want to buy gold ingots. We have seen that happen during the Vietnam war," Datuk Seri Andrew Kam, chairman and chief executive officer of Peninsular Gold LimitedPETALING JAYA: As the turmoil in Libya and other Arab countries in North Africa continues, Malaysians are buying up gold jewellery and gold wafers as a hedge against global economic uncertainties.
On Friday, jewellery shops in the country were selling 999.9 gold at RM166 per ounce, an increase of RM6 per ounce over the previous day.
“This is the biggest one-day price jump for this year,” said the manager of a large jewellery store in Petaling Jaya.
Last Thursday, gold prices hit US$141.80 (RM432.63) per ounce on the back of upheaval in the Arab countries and high oil prices, sparking worries of inflation.
“In times of war and great uncertainty, people will want to hold something more than just money. They will want to buy gold ingots,” said Datuk Seri Andrew Kam, chairman and chief executive officer of Peninsular Gold Limited.
“We have seen that happen during the Vietnam war,” Kam added.
eninsular Gold is one of the country’s largest gold producers.
Poh Kong Jewellers, one of Malaysia’s largest retail jewellery chain stores, has seen sales in-creasing since the violence in Libya escalated about two weeks ago.
Its head of corporate communications Margaret Hon said: “It (sales) does correspond with global economic uncertainties. People are investing in gold to hedge against inflation.”
The jewellery store in Petaling Jaya described its sales as having increased “by a lot”, with customers buying gold bars and jewellery. According to its manager, men had been buying up 1kg gold bars while the women mostly bought jewellery. His shop also sells gold wafers weighing 25gm, 50gm, and 100gm.
Most of his customers are aged 40 and above, he said.
“Young people are not so fond of investing in gold.”
Poh Kong, however, reported having young professionals as its customers.
“The people who come to our stores are from all age groups, from new entrants to the job market to the elderly,” Hon said.
As the crisis in Libya and the Middle East continues, gold prices are expected to rise in line with the uncertainties.
“There will also be higher demand from countries in the Middle East as they are close to the affected regions,” said Kam.
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