MANY Malaysians are responding to a surge in gold prices with a wave of activity at jewellery stores, trading old pieces and snapping up new ones in the hope of capitalising on rising valuations.
For Nur Hashim, a 37-year-old IT executive, the shock came on a wedding shopping trip in September when a simple bracelet cost RM3,600, nearly double the price she had paid for a similar piece just a few years earlier.
“I actually went there a few times this year, in March and June,” she told The Straits Times (ST). “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.”
Her experience reflects a broader trend in Kuala Lumpur, where jewellery stores have been inundated by customers eager to cash in on soaring gold prices or secure new pieces.
Gold broke US$4,000 an ounce for the first time on October 8, driven by geopolitical uncertainty, a weak US dollar, and expectations of further US interest rate cuts.
Stores from high-end malls to suburban outlets report long queues, crowded showrooms, and hour-long waits for service.
Prices remain high: as of November 20, one retailer quoted RM595 a gram for 916 gold, RM640 a gram for 999 gold, and RM625 a gram for 999.9 gold bars, though these rates have eased slightly from October highs.
While 999 gold is prized for long-term investment due to its purity, its softness makes it less suitable for daily wear.
The more durable 916 gold remains popular for jewellery, balancing resilience with strong resale value.
“The current market rate for 916 gold is RM595 per gram, though we are selling it at RM580 per gram after discount,” said Azlan Mohamed Shanavas, branch executive at Chantique Jewellery, part of Habib Jewels, which has seen a 20 per cent sales increase in 2025.
“Last year it was mainly busy on weekends, but now even weekdays are packed. People come in mostly after work. The majority of visitors are selling to cash in on higher prices.”
Many buyers are motivated by investment considerations, seeking to hedge against inflation and economic uncertainty.
Digital platforms like Public Gold have also seen increased activity, allowing Malaysians to invest electronically in gold, blending the security of the precious metal with the convenience of online trading.
“People buy gold as a hedge against inflation, viewing it as a way to safeguard and preserve the value of their money,” said Dr Sharmila Mohamed Salleh, a Public Gold investment agent.
Economists say global dynamics are driving the swings.
Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid told ST that gold reached a record US$4,356 an ounce in October before correcting slightly to around US$4,051. “We still see a chance that gold prices could go up in 2026.”
For Malaysians like Nur Hashim and thousands of others, the historic rally has created both opportunity and reflection, prompting some to trade in old jewellery, invest in gold bars, or carefully watch the market as they navigate the fluctuations of a precious metal that has long been regarded as a safe harbour for wealth. - November 23, 2025
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