PETALING JAYA: The upward trend in gold price has not hindered shoppers from continuing to buy new jewellery for Hari Raya. This is because customers are confident that prices are still lower than what it would be in the near future, said Habib Jewels senior general manager for sales and marketing, Mohd Zaruddin Mahmud.
He said there was a huge difference between the company’s gold sales this year and the past two years, with a current spike in purchases.
“This year will be a signature Hari Raya for many Malaysians, especially those who have not returned to their hometowns for the past two years. Also, purchasing jewellery for Hari Raya is the gift of choice for mothers, sisters and even fathers.
“Many are looking forward to seeing their loved ones and family members this Raya and they want to look their best with their new clothes and new jewellery.”
Zaruddin said the shopping behaviour for jewellery this year showed many customers selecting matching sets, such as a necklace and bracelet or a bangle, ring and earrings.
He added that many were also opting for Habib Jewels’ limited edition 999 gold coins as a replacement for cash in the gift packets for duit Raya.
“The sale of gold jewellery increased due to a few contributing factors, one of which is confidence in its investment value. Another is the recent release of RM10,000 through the Employees Provident Funds special withdrawal initiative,” he said.
Zaruddin expressed hope that more Malaysians would invest in gold as its value will appreciate, adding that gold would help families during difficult times by being able to convert it to cash, apart from enjoying its long-term investment benefits.
“At this point, when the price is trending higher, many customers are taking the opportunity to trade in their gold jewellery for cash and enjoy their investments. Some customers exchange their old gold jewellery for more modern designs.”
Zaruddin said he encourages customers to trade in their broken or damaged jewellery that cannot be worn, as many are unaware his company also provides such
a service.
Yesterday, the price of gold fell to RM8,269.35 per ounce from RM 8,382.45 on Monday – the lowest in two weeks. This was due to the US Federal Reserve (Fed) tightening its monetary policy, which boosted the dollar and pressured demand for bullion.
However, Zaruddin said the price of gold would trend higher soon despite the Fed move and global uncertainties.
