Latest news with #PublicGoldMarketingSdnBhd
The Sun
7 days ago
- Business
- The Sun
Public Gold customer base set to hit 2.3 million by year-end on robust demand
KUALA LUMPUR: Robust demand for gold is expected to raise Public Gold Marketing Sdn Bhd's customer base to 2.3 million by the end of the year from 2.2 million currently. Escalating global prices for the commodity have also encouraged the gold trading company to mull expanding into Indonesia, Thailand and Dubai in the United Arab Emirates to introduce its automated teller machines (ATMs) that dispense physical gold. Public Gold executive chairman Datuk Seri Louis Ng said the company expects about 50,000 new customers across Malaysia every month through retail sales via its ATMs. He said gold prices are expected to increase by a further record-breaking 10% in September this year from the current US$3,370 per troy ounce, over expectations that the US Federal Reserve will lower interest rates. The narrowing interest rate differential between the dollar and the Ringgit would spur demand for gold. Gold is currently hovering at US$3,370 (RM14,260) per troy ounce, up 28% from US$2,630 at the beginning of the year. Ng said the majority of Public Gold customers who started their gold investments in 2008 comprise middle-income earners. They have increasingly turned to gold as an asset class investment because they see it as a safe haven commodity. 'Every day, we see about 1,000 to 1,500 new customers signing up, which roughly adds up to about 50,000 customers a month. By the end of the year, we expect this to reach the targeted 2.3 million customers,' an elated Ng said. Ng, who is also the president of the Malaysia Gold Association, said gold trading was poised for growth, spurred by rising retail demand and the desire to retain more value domestically. Ng said the price of gold has surged by up to 200% since 2019, making it an increasingly attractive asset class, particularly for institutional fund managers who are now allocating part of their investment portfolios to gold. Ng said customers contribute significantly to the company's trading volume, which in turn fuels international demand. To meet this growing appetite, Public Gold imports between 50kg and 150kg of gold per shipment, mainly from the gold trading hubs of Dubai, Singapore and Hong Kong. As of now, Ng said Public Gold operates 18 branches and around 100 ATMs throughout Malaysia. It launched its first gold dispensing ATM, known as Malaysia Gold ATM, at Menara Public Gold at Tun Razak Exchange here in early 2023, enabling customers to purchase physical gold bars conveniently. These ATMs allow customers to withdraw sealed and certified gold bars via the Public Gold mobile app. It also enables users to buy, sell and store gold and silver securely through its Gold Accumulation Programme (GAP). Through GAP, customers can accumulate gold in small amounts. On reaching certain thresholds, such as 5g, 10g or 20g, they may convert it into a physical gold bar dispensed from an ATM that functions similarly to a vending machine. – Bernama
Barnama
30-06-2025
- Business
- Barnama
Kyrgyzstan To Sell 300 Kg Of Gold To Malaysia For US$36 Million
BISHKEK (Kyrgyzstan), June 30 (Bernama-Kabar) -- Kyrgyzaltyn OJSC has signed a Memorandum of Cooperation (MoC) and a contract for the sale and purchase of refined gold in the form of measured bars with Public Gold Marketing Sdn Bhd, the company reported. According to the Kyrgyz National News Agency (Kabar), the MoC was signed as part of the official visit of President Sadyr Zhaparov to Malaysia from June 24–25. Kyrgyzaltyn entered into an agreement with the Malaysian company Public Gold Group on the purchase and sale in 2025 of 300 kilograms (kg) of Kyrgyz gold in the form of 1 kg gold bars for a total of about US$36 million.
