Quick take: Jewellers fall as gold loses ground


KUALA LUMPUR: Shares in jewellers Tomei Consolidated Bhd and Poh Kong Holdings Bhd fell in early trade Monday, sparked by a slide in gold.

Tomei fell 4.74%, or 4.5 sen to 90.5 sen at 9.40 while Poh Kong lost 1.84%, or 1.5 sen to 80 sen.

Other gold-related stocks such as Bahvest Resources Bhd fell 3.33%, or 1.5 sen to 43.5 sen and MUI Properties Bhd declined 2.5%, or 0.5 sen to 19.5 sen.

Bloomberg reported that gold slumped to the lowest since March as the prospect of higher rates makes bullion less attractive relative to other assets. Silver dropped to its lowest since November.

Spot gold dropped 1.27% to US$1,740.59 an ounce.

OANDA senior market analyst Edward Moya said gold could have further downward pressure as Fed tapering bets grow following this strong NFP beat, upward revisions, and strong declines with both temporary layoffs and permanent job losses.

He said gold may find some support from the US$1,750 level, but if that breaks prices could tumble towards the psychological US$1,700 level.

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Tomei , Poh Kong , gold , jewellers

   

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