BEIJING, Aug.7 (Xinhuanet)-- Gold-buying spree broke out in Malaysia in July due to ringgit’s devaluation, resulting in a some fifty percent rise in gold sales.
The gold resurgent came after a big dip from April to June, influenced by the implementation of consumption tax.
Currently, gold bar price stays at around 35,994 U.S. dollars per kilo in Malaysia, similar to international price, said Datuk Ng Yih Pyng, adviser of Federation of Goldsmiths and Jewellers Association of Malaysia.
“From the perspective of business, it’s a good time to invest in gold now; ringgit is weak at present while gold may retain the value of assets.” Datuk Ng Yih Pyng added.
