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BUSINESS

GOLD PRICE TO RISE TO US$2,200 PER TROY OUNCE THIS YEAR -- MGA

28/02/2024 02:32 PM

KUALA LUMPUR, Feb 28 (Bernama) -- The Malaysia Gold Association (MGA) is predicting gold price to increase to US$2,200 per troy ounce (US$1=RM4.76) this year from US$2,030 currently amid an increasing demand for the metal.

MGA president Datuk Louis Ng explained that the rising gold demand is due to central banks buying gold as a hedge against currencies.

“It is used not only by the central banks but also the retailers due to economic uncertainty.

“Also there is a war in the Middle East and the Russian-Ukraine war, so the demand for gold is very high,” he told the media on the sidelines of the Malaysia Gold Conference (MGC) 2024 here today.

On the High-Value Goods Tax (HVGT), Ng asked the government to set a reasonable price threshold of RM50,000 for jewellery with a tax rate of five per cent.

“The jewellery industry is very important for the Malaysian market. We have thousands of jewellery shops and factories. So if the threshold is not set right, it would give huge impact on the industry such as job losses,” he said.

MGA today hosted the second edition of MGC as a platform to advance the local precious metal industry through various activities from active involvement in policy-making to maintaining regional gold standards.

The conference gathered over 300 global precious metals leaders and industry players from various countries to share valuable insights on global gold market trends and highlight gold’s potential for international trades.

-- BERNAMA

 

 


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