Pros and cons of soaring gold prices

4 months ago 31

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KUCHING: The price of gold in Malaysia has reached RM403 per gramme on July 17 (Wednesday), marking its highest point in history.

With gold prices soaring, many are contemplating whether to hold onto their gold items or to pawn them.

Sarawak Tribune spoke with respondents who see this as positive news for long-time gold holders.

Moreover, this surge is unlikely to deter buyers, as it may actually spur purchases and encourage people to save gold for future use.

Some predicted that the price of gold will continue to surge in the future and will not drop, especially during this time.

PENGIRAN SALLEH SULAIMAN

In view of the increased gold price, there are pros and cons of it. Whoever has kept their gold items for a long time, they are the lucky ones because of the influx of investors coming to the country. If they pawn it, they will profit from it. However, I do not think this will stop people from buying gold so it will not be a problem.

MUHAMAD SHARBIBI ABDUL HADI

This is good news for those who have gold items, even if they want to pawn them at a pawn shop, they will profit from them. For now, I think it is a good time for people to buy gold even though the price has spiked. Maybe if the price of gold drops in the future, there will be more people buying gold for their keep.

RAYMOND BONG WEE SUNG

Even with the increased price of gold, it will not stop people from buying it. They will buy and they will then pawn it when its time. It encourages people to buy gold and it is good for goldsmith businesses, but it will not be good for the economy in the long term. So, I think the price of gold will continue to go up later.