GOLD BOOM...Soaring prices draw buyers, sellers to KL

Buyers hunt for bargains, while sellers look to cash in after historic price rally

- Hazlin Hassan

Gold broke US$4,000 an ounce for the first time on Oct 8, as investors flocked to the safe-haven asset for reasons such as geopolitical uncertainty, a weak US dollar and anticipation of more US interest rate cuts. ST PHOTO: HAZLIN HASSAN

(HAZLIN HASSAN)

When 37-year-old information technology executive Nur Hashim accompanied her brother on a wedding shopping trip in September, she was stunned to discover just how dramatically gold prices had risen.

The bracelet he purchased for his fiancee cost around RM3,600 (S$1,135), compared with a similar piece Ms Nur had bought for less than RM2,000 just a few years earlier.

The price shock prompted Ms Nur, who regularly trades in her jewellery for new designs, to return to the store in October with her mother and sister, and about 40g of gold to exchange.

"I went there a few times this year, in March and June," she told The Sunday Times. "When I traded in my gold in March, I got around RM275 per gram, but in October I got around RM478 per gram. The big increase really made me feel like I had lost out financially.

"I was quite surprised with the price now. It made me ask myself, 'Why didn't I buy more back then?' Three years ago, I bought a bracelet for around RM4,500, but now the same design is about RM8,000."

Fluctuations in gold prices since the end of August have drawn crowds to jewellery stores across Kuala Lumpur. Buyers are hunting for bargains, while sellers are cashing in after a historic price rally that pushed the precious metal to record highs earlier in 2025.