Gold prices drop sharply within a week

MACHANG – Gold prices have dropped over the past week, prompting many people in Kelantan to flock to gold shops even after Aidilfitri.

Based on a Sinar Harian survey, the price of 916 gold per gramme on March 15 was recorded at RM607.72 before it began to fall a few days later.

On March 18, the price dropped to RM598.89, followed by RM584.19 on March 19.

The price continued to decline to RM539 on March 23 and RM525.73 on Tuesday.

On average, prices fell by about RM14 each time, bringing the total decline for the week to around RM82.

Some Kelantan residents see the falling gold prices as an opportunity to buy gold at lower prices.

Housewife Raja Azizah Raja Yusoff, 58, said she was not worried about fluctuations in gold prices and was instead taking the opportunity to increase her savings when prices were low.

“I found out that gold prices had dropped through social media.

“As soon as I knew the price was low, I came to buy a ring and will buy more if prices continue to fall,” she said when met here on Tuesday.

Meanwhile, civil servant Siti Rahayu Mohd Taib, 45, from Dungun, Terengganu said she expected the drop in gold prices will not last long and that prices may rise again at any time.

She said she also took advantage of the festive holiday to buy gold while prices were low.

“I still have some savings as I did not overspend during the Aidilfitri celebration.

“With the festive break and cheaper gold now, it’s a good time to take the opportunity to buy,” she added.

Meanwhile, gold shop employee Nurin Azman, 27, said such a significant drop in gold prices was unusual and rarely happens.

“Usually when there are wars abroad like this, gold prices go up. Even before the first of Syawal, many people were already buying and now that prices have dropped, even more people are coming to buy gold,” she said.