Many sell gold as price soars up to RM300 per gramme

26 Oct 2023 11:59am
Fikri showing the latest jewellery collection at Kedai Emas Rozita.
Fikri showing the latest jewellery collection at Kedai Emas Rozita.

IPOH - As gold price soars to RM300 per gramme, the gold buy-back at Kedai Emas Rozita reached RM1 million within two weeks.

The shop's representative Fikri Marzuki revealed that there were more than 1,000 customers involving various transactions including selling their bullion, trading gold jewellery, amomg others.

He said most of them took the opportunity to sell their gold to make profits.

"There are so many of them. In a single day, no less than 50 customers would come in, not to buy, but to sell gold and this number would double on the weekend.

"This has been going on for the past two weeks due to the high gold price, so they are reselling their valuables to redeem cash for various purposes including savings," he told Sinar Harian.

He said that they understood the people's need at the moment and they support it by offering the highest bid to purchase gold at a rate of RM255 per gramme compared to RM240 on regular days.

He shared that the shop also offered a high depreciation price of seven per cent compared to 10 to 12 per cent in the market to give more value to customers.

"The trend of people reselling gold will not affect business because there is still a balance between purchasing and selling.

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"In addition to that, the values of old and new gold are the same, profitable and reasonable," he added.