Gold Shop Owner Says Customers Are Rushing To Sell Jewellery As Prices Hit Record High
One customer sold nearly RM50,000 worth of gold at her shop.
Cover image via The recent spike in gold prices has prompted a surge of customers selling their jewellery at gold shops in Kelantan, with traders preparing large sums of cash to meet the growing demand
One gold shop in Kota Bharu has been setting aside up to RM150,000 in cash daily to accommodate customers selling their used jewellery, as the current price of used gold has soared to RM425 per gram.
According to Kosmo, the record-high prices have prompted many, especially women, to take advantage by converting their jewellery into cash.
"Although the RM150,000 cash prepared by our shop does not run out in a single day, the demand for selling used gold has increased recently," said gold trader Sarah Yasmin Shuhaimi.
She added that one customer recently sold nearly RM50,000 worth of gold at her shop.
Sarah said the shop now sees half a dozen customers on a daily basis selling items such as necklaces, bangles, and rings
According to Sarah, people are selling their gold to either bolster their savings or to finance home construction.
Aside from those cashing out, she noted that some are also trading in old pieces for newer designs.
"One female customer came to my shop and sold jewellery worth RM21,300," she said, adding that the high price of new gold hasn't deterred people from continuing to invest in gold jewellery.
Meanwhile, a housewife who visited a gold shop said she brought in a necklace her husband had bought for RM10,000 five years ago, and was shocked when it was valued at RM45,000.
"I initially planned to sell the necklace, but decided to postpone it at the last minute," she said.
"I've heard that gold prices are expected to rise again soon. If the price hits RM460/g, I might go ahead and sell the necklace to boost my savings."
Image via Rohanis Shukri/New Straits Times
