KUCHING: Gold prices continue their sharp ascent, with grade 916 gold expected to reach RM600 per gramme soon after global prices surpassed US$4,500 per ounce this week.
Sarawak Tribune took the opportunity recently to observe the activity at few gold shops along Carpenter Street that still remain active, with customers steadily entering showrooms, enquiring about prices, and carefully weighing purchases despite record-high market values.
“At higher prices, we actually see more interest,” said Mee Hua Goldsmith manager Voon Yen Chai, observing that high prices often encourage customers rather than discourage them.
Voon explained that higher gold prices have not slowed daily operations, as many customers view price increases as a signal of gold’s long-term value.
According to him, the current market price stands at RM630 per gramme for 916 gold, while 999 gold is priced at RM680 per gramme.
He noted that customer behaviour has shifted slightly, with buyers becoming more strategic rather than reducing their purchases entirely amid the ongoing price surge.
“I think it’s about half and half,” Voon said, referring to customers purchasing gold either for investment purposes or personal use.
Some customers, he added, are experienced traders who understand gold’s resale value and actively engage in trade-ins to maximise returns.
Voon believes the perception of gold as a long-term asset continues to influence buying decisions, even as prices appear expensive in the short term.
“Prices are going up, not down,” he said, comparing gold’s price trend to rising food costs that steadily increase over time.
To attract customers, Mee Hua Goldsmith currently offers year-end promotions, temporarily selling gold at RM570 per gram despite fluctuating daily market prices.
However, Voon cautioned that gold prices remain unpredictable, changing daily based on global market movements and investor sentiments.
He observed that higher prices have not negatively affected customer interest, noting that demand often rises when prices hit new highs.
“When prices go down, there may be fewer customers,” he said, adding that record prices tend to attract attention and confidence.
Voon acknowledged concerns about sustainability but said business conditions today differ greatly from three years ago due to economic shifts.
He explained that customers who purchased gold years earlier have seen significant appreciation, reinforcing gold’s reputation as a reliable store of value.
Meanwhile, customers visiting Carpenter Street share similar sentiments, viewing gold as financial protection amid ongoing economic uncertainty.
Housewife Jemah Majenin, 53, said gold remains a dependable investment despite its rising price in recent years.
“Gold never becomes useless,” she said, recalling that she previously purchased gold at around RM300 per gramme.
However, Jemah said she has not bought new gold recently, choosing instead to trade in existing jewellery due to high prices.
She explained that damaged jewellery was not worth repairing, as repair costs exceeded its value at current gold prices.
“We trade in without adding extra money,” she said, describing how trade-ins offer practical alternatives during high-price periods.
Despite not making new purchases, Jemah believes gold remains valuable during financial uncertainty.
She said gold can be easily converted into cash, providing financial security during economic downturns or emergencies.
For many customers, gold continues to represent stability, preservation of wealth, and reassurance amid volatile global economic conditions.
As prices continue to climb, Carpenter Street’s gold trade reflects enduring confidence in the precious metal’s long-term worth.
