Young Msians buying gold as investment make killing when price dips

Young Malaysians appear to be more investment savvy, as many took advantage of a dip in gold prices last week by investing in the precious metal.

According to Khalifah Jewels Shah Alam branch manager Mohd Faiz Mohd Taib, in recent years, his clientele has become younger, and keen on investing in gold.

When the price of the precious metal dropped last week, customers made a beeline for the outlet’s branches in Shah Alam and Bangi to trade in old gold or buy new gold.

“Among the factors that affected the price of gold was the United States presidential election and the announcement of the development of the Covid-19 vaccine. This saw the price of gold dip and people are keen to take up the opportunity to buy the precious metal for investment when it is cheaper.

“Also, we have been offering special promotions at our jewellery outlets, since it is the store’s sixth anniversary, so people were taking advantage of the promotion to purchase gold jewellery either for the first time or as part of our regular customers.

“We also offer trade-ins to our customers at the current price of gold. Some of our customers purchase their new jewellery, which is much more modern and sleek, by trading their old ones with us,” he said.

On managing the surge in customers and to prevent overcrowding at the store during the Conditional Movement Control Order (CMCO), Faiz said customers to each store are limited to 50 people daily.

He said two part-time workers were hired to schedule walk-in customers by giving them numbers for their turn to enter the store.

“This way, there is an order and the standard operating procedure is complied with by both the customers and the store.

“If there are lot of customers, which we have faced in the recent months, we would give the numbers for them to know their turn, and we would call them if there is an opening at our store. So far, we have received no complaints about it,” he said.

Checks by the New Straits Times at the jewellery store outlet showed that there was a queue, with the majority being women customers waiting their turn, with the line stretching out onto the pavement outside.

Faiz also said customers who drop by its outlet are regulars, and have already decided on what to buy, as the jewellery store has a Telegram channel to notify customers of their latest designs and promotions.

“This also helps the customers to take time and know which design to look for when they are at the store,” he said.

The dip in gold prices and the purchase of the precious metal caught the attention of many on Nov 29, when nine people, including gold shop owners and customers, were slapped with compounds in Kelantan, as outlets saw hordes of people disregarding Covid-19 guidelines to buy gold.

Public Gold dealer Nurul Fauziyan Samsudin, 36, also agreed that the younger generation of consumers are now more interested in buying the precious metal when its price dips.

She said those who keep close watch on the price would know when it dips.

“In the month of November alone (with the US election and the announcement of the Covid-19 vaccine), I managed to sell gold bars, whether in Dinar or Ringgit, worth RM90,000, compared to RM10,000 in October.

“I guess people, especially the younger generation, are more keen to invest in gold, not only because of the price, but also because they are more educated on the matter.

“Plus, nowadays, selling and investing are made online, so they can just search whatever information needed before making any decision. Due to the lockdown, people also prefer to conduct transactions online,” she said. Nst

Customers paying the price for cashless transactions