Golden security: Amid ongoing economic uncertainty, many people view gold as a long-term store of value and a form of financial security, believing its price will continue to rise. — LOW BOON TAT/The Star
IPOH: Despite the price of gold surging past RM650 per gram, the folks here are not rushing to cash in their gold.
Instead, many are choosing to hold on to their jewellery for its sentimental value and in anticipation of even higher prices.
Many said gold remains a long-term store of value and a form of security, especially amid ongoing economic uncertainty, believing that the prices will continue to rise.
Dr S. Kasturi, 42, said she has no intention of selling despite the price rally.
“Looking at the trend, prices may go even higher in the future.
“I plan to save my gold for my children and once they are grown, the value will be higher too.
“With the instability in the economy, gold is still the most stable investment,” she said when met at a jewellery shop in Little India.
Retiree K. Muniandy, 65, also has no plans to sell his gold items.
“I think we should keep the gold and sell it only during difficult times.
“I don’t think prices will drop. They will only continue to rise,” he said.
Another retiree, who only wished to be known as Wong, also 65, shared the same view.
“Looking at the trend, prices may fluctuate and may even hit a higher level.
“If it reaches an all-time high, maybe above RM700 or RM800 per gram, then I may sell. For now, I’m holding on,” he added.
Temple worker and student R. Arvint, 21, said he sees gold as a future investment rather than quick cash.
“It may increase to RM800 in two to three years. I would rather buy gold now while I still can, then sell it later when I need the money,” he said.
Jewellery store owner A. Kuhaneswaran, 24, said he had seen about a 20% drop in customers selling gold, as many prefer to hold on.
“Prices may fluctuate between RM620 and RM650 before stabilising and eventually rising to RM700 or RM800, but it will take time,” he said.
When met at a pawn shop here, technician K. Aravin Raj, 35, said he had no choice but to pawn his gold jewellery as he needed cash urgently.
“Letting go of gold now would mean losing out in the long run, as prices are expected to rise further.
“It’s a loss for me, but I have no other choices,” he said.
Another person who turned to pawning his gold items for urgent financial needs was a self-employed man, identified only as Tan, 40.
He said he would redeem the jewellery once his finances stabilise, as he viewed gold as a long-term asset rather than something to be sold permanently.
“Gold is something you keep for security. I’m only pawning it and once I have enough money, I will take it back,” he said.
