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🎆⏳As the Lunar New Year approaches, goldsmiths note that an increasing number of urban young professionals are starting to enjoy ‘gold hunting.’ Additionally, with the Year of the Dragon traditionally seeing more marriages and births, the prospect for gold sales this year is quite optimistic 🔥⬆️ Datuk Ng Yit Ping, an advisor to the Malaysian Goldsmiths and Jewellers Association, in an interview with Nanyang Siang Pau, mentioned that since November last year, gold jewelry sales have started to rebound. He believes that the interest in ‘gold hunting’ is not only to ‘avoid’ the upcoming High-Value Goods Tax (HVGT) set to be implemented in May, but also for seeking good fortune and as savings for the New Year, while urban professionals are increasingly fond of wearing fashionably crafted new gold jewelry 💍✨ He pointed out that most of the customers inquiring about gold recently are doing so for the festive season. ‘This year is the Year of the Dragon, traditionally symbolizing a good year. Many people like to plan to have ‘dragon babies’ in the Dragon Year, and there are especially many marriages, so gold sales are expected to be very optimistic this year.’ 💰🉑

【Buying Gold as a Hedge】

He also mentioned that many gold buyers are purchasing gold with a savings mentality, as gold can be liquidated in emergencies and is a hedge against inflation 💵🆘 ‘If people have to pay a 10% tax on their savings, it will discourage their willingness to save.’

【No ‘Panic Buying’ Wave Yet】

On the other hand, as reported by The Star, Mohamat Saifuddin, the CEO of SMS DEEN Jewellers, said that the demand for gold jewelry during the Lunar New Year has always been there. ‘We are approaching the Year of the Dragon, as well as the wedding and newborn season 🐲👶🏻. Therefore, the demand for buying gold this year is expected to increase.’ However, he pointed out that compared to the ‘gold rush’ before the implementation of the Goods and Services Tax (GST) in April 2015, there has not been a ‘panic buying’ wave for gold yet.

【B40 and M40 Affected】

‘Changes may occur once the High-Value Goods Tax is confirmed.’ 📌📄 Datuk Seri Meer Habib, the Executive Chairman of Habib Group, said that many from the B40 and M40 income groups still prefer investing in gold, and the proposed tax will affect them. ‘Since last Christmas and the school holidays, sales in jewelry chain stores have increased by about 15%.’ 📈📊

【High Gold Prices Don’t Deter Buyers】

Datuk Abdul Rasu, the president of the Malaysian Indian Goldsmiths and Jewellers Association, said that despite the current high gold prices, there are still many ‘enthusiastic buyers.’ ‘Many people buy gold for the festive season as well as consider it a long-term investment.’ 🧮🔍

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