Malaysia’s gold industry is doing better despite the economic decline that the country faces during COVID-19. The buyers are settling to invest their money with gold, which is considered a safe investment.
Muhammad Nur Hisyam, the director for Makmur Gold said in an interview with South China Morning Post that the industry is doing much better even after the COVID-19 outbreak because the world knows that that economy is currently unstable.
According to him, the usual slogan that they know when it comes to buying gold is “To wear is to win, to own is to win.”
That means, having both wearing and owning the gold is a profit on its own.
His business has recorded strong sales even as the country’s economy turns feeble. The people had rushed to buy gold after the lockdown in March, as soon as the businesses reopened in May.
It is thought that rather than saving money in the bank, it is better to invest in gold.
The price for gold surged as the pandemic took hold, making the stock markets tumble – it hit a record high of more than $2,000 per 30 grams in August.
This is because gold prices tend to correspond with the declining economy, especially whenever the U.S dollar loses a certain amount of its value.
Whenever we see the gold prices declining, that would mean that the U.S dollar’s worth is getting higher.
In conclusion, we all might have to wait a little while to start investing in gold, just until the prices fall back down again – it’s going back up eventually.
Source: South China Morning Post