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By Mohd Afiq Zulkifli<\/strong><\/p>\n\n\n\n KUALA LUMPUR, Dec 1 (Bernama) — The announcement on the\ndiscovery of vaccine for COVID-19, which has brought relief to everyone in\nthe world, including in Malaysia, is said to be a major factor for the\nsharp drop in the price of gold lately.<\/p>\n\n\n\n Gold Investment consultant Syukor Hashim said the\nprice of gold went up by 37 per cent from early January until August\nand it used to exceed RM300 a gramme, but the price dropped again\nto RM256 per gramme currently.<\/p>\n\n\n\n “The price of gold went up due to the threat of\nCOVID-19 which has affected the world economy and the people are afraid to\nspend, which indirectly causes investors to choose gold as a safe asset.<\/p>\n\n\n\n “However, when news on the discovery of COVID-19\nvaccine spread, it has to some extent, reduced the risk of the COVID-19 threat\nwith economists and investors thinking the world economy will recover.<\/p>\n\n\n\n \u2018\u2019Therefore, in this situation, gold is seen to have lost its\nattraction as a safe asset,” he said when contacted by Bernama, here,\nMonday.<\/p>\n\n\n\n The media had reported that people are flocking to jewellery\nshops to take the opportunity of the drop in the price of gold to buy the\njewellery as investment, and in their eagerness, many forgot about the standard\noperating procedures and the new norms to avoid the spread of COVID-19\nwhen making purchases at the shops.<\/p>\n\n\n\n Asked when the gold price will go up again, the price of\ngold was expected to end, Syukor said he could not predict it as the gold\nprice is influenced by current news.<\/p>\n\n\n\n “For example, the power transfer in the United\nStates between Joe Biden and Donald Trump, if there is a ‘drama’ between them,\nthe price of gold can go up again, likewise on the news about Iran\nclaiming that its nuclear scientist was killed by Israel.<\/p>\n\n\n\n “In other words, the rise in gold price is not only due\nto COVID-19, but many other factors, and for this year, it is the pandemic,\u201d he\nsaid.<\/p>\n\n\n\n Meanwhile, a survey by Bernama at several jewellery shops\nhere found that there were fewer customers today that during\nthe weekend.<\/p>\n\n\n\n A gold trader at the Keramat Urban Transformation Centre\n(UTC), Munirah Aqilah Mohd Zahari told this Bernama reporter that last\nweekend was a very busy day for her as the number of customers at the\nshop doubled from normal days.<\/p>\n\n\n\n \u2018\u2019Generally, the public took advantage of the low gold price\nto exchange their old jewellery while some wanted to order new ones as\ninvestments and accessories to be worn.<\/p>\n\n\n\n “Despite the large number of customers, they are still\nrequired to observe the SOP, such as physical distancing and to scan their\nbody temperature, as well as register their names, before entering the shop,\u201d\nshe said.<\/p>\n\n\n\n Another trader, Nik Ahmad Tarmizi Nik Hassan said many\nbuyers took advantage to buy jewellery using their savings even though the\nprice of gold was expensive at the beginning of the implementation of the\nmoratorium.<\/p>\n\n\n\n “Many customers came using the money for their car\nor house loan to buy jewellery as a long-term investment,” he said.<\/p>\n\n\n\n — BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":" By Mohd Afiq Zulkifli KUALA LUMPUR, Dec 1 (Bernama) — The announcement on the discovery of vaccine for COVID-19, which has brought relief to everyone in the world, including in Malaysia, is said to be a major factor for the sharp drop in the price of gold lately. Gold Investment consultant Syukor Hashim said the price of gold […]<\/p>\n","protected":false},"author":29,"featured_media":101176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/103979"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103979"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/103979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/101176"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=103979"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=103979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}