Clamour for gold heats up

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Sales jump after gold prices drop

BY NOOR SYAHHIRA HADY & SARAH HAFIZAH CHANDRA

KUCHING: Since the recent drop in gold prices, goldsmith shops, located in the heart of Kuching City, have been flooded with customers. 

The price of 916 or 22 carat gold is now RM265 per gramme while the price of 999 or 24 carat gold is RM280 per gramme.

A local goldsmith said since the drop in gold prices recently, his sales had increased drastically compared to the movement control order (MCO).

He felt blessed with the sales that he made even though he did not have online platforms to advertise his gold jewellery.

He felt that some people had extra savings because they were unable to go travelling during the pandemic.

He also pointed out some people preferred to invest in gold because they received very low interests for their savings and bank investments. 

“I believe that investing in gold is more worthwhile. Some customers would rather trade-in their faulty jewellery for new ones,” he added.

He said many of his customers would go for light jewellery because of the current prices of gold.

“Those with extra money will buy the heavier ones. I supposed the sales and trends depend on the customers; some will buy the jewellery  they like immediately while some prefer to wait until their payday,” he explained.

He told New Sarawak Tribune that due to travel restrictions, Malayans and Indonesians were unable to come and buy gold from his shop.

“Customers from Indonesia love to buy gold from Malaysia because the gold jewellery in their country are not as good as ours.

“The quality of our gold is good thanks to government control. Besides that, our designs are attractive,” he added.

Meanwhile, a salesgirl at one of the goldsmith shops in India Street disclosed that the shop where she worked had customers everyday.

“Most of our customers want to buy gold if they have money. They often say that it is more worthwhile to invest in gold instead of saving money in the banks.

“They say it is easier for them to let go of their gold jewellery in exchange for money than having to deal with the banks,” she added.

“During the movement control order (MCO), we did not open at all so there were no sales. 

“There are no specific target sales per day. Almost all types of gold jewellery in the shop will be bought by customers,” she added.

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