Prices soar but gold still tops investment
Precious metal: Lee showing gold bars with 99.99% purity at Komtar. — KT GOH/The Star
GEORGE TOWN: Buy low, sell high; buy high, sell higher.
It almost seems like this is the motto of gold buyers who are still investing in the precious metal despite soaring prices.
'There is no 'highest' as it will only go higher,' said gold jewellery trader Lee Theam Loong here.
The 55-year-old said while many customers have walked in to sell their gold to get a good return on their investments, others are buying for the future.
'Price of gold was RM410 per gram in February and on April 24 it was priced at RM460 per gram.
'Just days earlier, it went up to RM490 per gram.
'I remember the days when it was only RM39 per gram in the early 1990s,' he added.
Lee said many of those seeking to invest were buying gold in the form of bars with 99.99% purity, while the sellers mostly brought jewellery pieces that they had kept for years.
'Locals and foreigners are cashing in on their gold jewellery, especially those whose children need money for schooling.
'They lose about 10% in value by reselling, but the high prices ensure they get good returns,' he said.
Jewellery shop supervisor Mashitah Md Ishak, 46, said most women customers prefer gold in 91.6% purity, also known as 916 gold, for jewellery.
'The gold price was just RM198 per gram about five years ago, but it is now RM470 per gram.
'With the rapid appreciation in gold value, many do not mind buying gold jewellery to resell later.
'Many new jewellery designs are being produced due to the increase in demand,' she said.
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