Gold shops enjoy brisk business as price dips


Gold rush: A couple checking out necklaces at VKN Jewellers store in Little India, George Town. — LIM BENG TATT/The Star

GEORGE TOWN: With the price of gold dipping lately, gold shops here have been getting more customers.

On Monday, the price of gold was RM236 per gram – one of the lowest in the last one month – and those with money to spare bought gold as an investment.

Social worker Fatimah Embong, 55, who was among the recipients of the government’s Bantuan Prihatin Rakyat aid programme, used the money wisely to invest in gold.

“I also bought gold last year when the price was at its lowest and I managed to get a RM200 profit.

“And I managed to invest a bit again this time, and hopefully I can earn some money for my family.

“If you have extra money, this is good time to buy gold and keep it,” she said.

Engineer M. Harish, 42, saw the decrease in gold price as an opportunity to buy and invest.

“I foresee that the price of gold will subsequently increase after the Covid-19 pandemic situation gets better.

“When the price of gold increases in the future, I can resell it or trade in if I need money.

“I have decided to spend around RM3,000 to RM4,000 from my income to invest in gold.

“Although the price of gold has been lower, it will fluctuate.

“Since I have been fully vaccinated a month ago, I decided to drop by and have a look.

“I bought gold several times since the first movement control order last year,” he said when met at VKN Jewellers store in Little India here on Monday.

Chin Mee Goldsmith and Jewellers Sdn Bhd owner Danny Liew said the price of gold had been going down over the past weeks.

“There is a 12% to 15% drop in price as compared to its peak price.

“The number of walk-in customers have slightly increased since we reopened last month.

“Some of them bought gold to wear, keep or invest, or as gifts to others.

“For the time being, only fully vaccinated customers are allowed to enter.

“Due to travel restrictions, we do not have overseas as well as outstation tourists who used to be our customers.

“We would usually experience brisk business during festivals such as Chinese New Year, Hari Raya, Deepavali or Christmas,” he said, adding that he had been in the industry for over 20 years.

VKN Jewellers owner N.S.Y. Balan said although the price of gold had reduced for the past one week, there was not a significant hike in sales.

“Only fully vaccinated customers are allowed to enter and since gold is precious, they prefer to come in to see and feel for themselves before buying.

“We also sell our gold products online but it is rather difficult as we are short of workers and some customers will ask us to take videos or pictures to them before making the order,” he said.

According to Balan, the price for one gram of 916 gold was RM248 at its highest and RM222 at its lowest.

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