KUALA LUMPUR: Tomei Consolidated Bhd
's wholly-owned precious metals arm, YX Precious Metals Bhd (YXPM) sees gold prices to be around US$1,900-US$2,001 per ounce by year-end, with the global financial market and geopolitical challenges continuing to be the key drivers influencing the price.
The price of physical gold stood at US$2,000.95 per troy ounce, according to the London Bullion Market Association’s afternoon fix on May 5, 2023.
YXPM managing director Ng Sheau Chyn said the banking crisis in the United States and prolonged geopolitical tensions continue to be a main concern among investors, particularly for the short and medium term.
"Meanwhile, we will continue to expand our hollow gold jewellery range and we are also mulling collaborations with Turkey and Italy (goldsmiths) as we have not seen local manufacturers offering those kinds of products," she told a press conference following the company's annual general meeting here today.
Ng said that 90 per cent of its customers are domestic players, while the rest are overseas.
YXPM, which was listed on Ace Market of Bursa Malaysia Bhd last year, chalked up a net profit of RM9.4 million in the financial year ended Dec 31, 2022 (FY22), higher than the RM7.1 million recorded in FY21.
Revenue for the year under review rose to RM298.04 million from RM265.38 million in FY21, supported by the increase in the sales volume of gold jewellery due to higher demand. - Bernama
