Cash is king again as gold prices soar
GEORGE TOWN: With the price of gold now at a high, there’s no better time for people to trade in their jewellery for cash, say traders.

Jewellery shop operator Muhammad Muzammil Abdullah, 35, said this was the best time to sell gold items and buy them back later when prices drop again.

“Many of my clients are selling their gold items. They say they will use the cash for some other things like going for a holiday or making other investments. They can buy them back at a later date when the prices drop,” he said.

As at Tuesday, gold was trading at RM324 per gramme compared with RM304 in December last year.

“Over the past few weeks, more than 70% of our customers have sold us their jewellery,” said Muhammad Muzammil.

“Some needed the money for the festive period, while others planned to convert it into other investments,” he said when met at his shop in Lebuh Ah Quee here.

Muhammad Muzammil, who has been in the business for 15 years, said the practice of selling gold for cash whenever the price is high has been consistent since last year.

He said most of his customers would sell their gold items weighing between 70g and 100g.

He added that most jewellery shops would buy back gold items at RM287 per gramme. For those who want to trade in, most jewellers would take it for RM292 per gramme.

Another jeweller, Amerdeen Suhaibudeen, 58, said the high price of gold has prompted many people to sell off their prized possessions.

“Our sales has dropped by about 30% due to the high price of gold,” he said.

Amerdeen said he was hopeful that business would pick up, especially in the last week of Ramadan.

“Usually during this period, we do promotions and expect people to buy new gold items to wear for Hari Raya.

“Customers would buy gold items priced between RM500 and RM15,000,” he said.

A goldsmith operator who wanted to be known only as Lee said it was normal for those who invested in gold to sell it when the price is high.

“This is the time they make a profit from their investment. It is a smart move,” he said.

Housewife Ivy Tan, 30, said she decided to sell off her jewellery since the price of gold has skyrocketed in the last few months.

“I actually made a small profit from a pair of bracelets and necklace I bought early last year,” she said, adding that she planned to buy jewellery again when prices drop.

Student Alifah Ilyana Setiabudi, 21, said she did not plan to buy new jewellery as the current price was too steep.

“Imagine – buying a tiny bracelet weighing about 5g will cost you more than RM1,500. It is too expensive for me.

“The price will eventually come down, and when it does, I will buy then,” she added.
Jewellery shop,Gold
GEORGE TOWN: With the price of gold now at a high, there’s no better time for people to trade in their jewellery for cash, say traders.