Gold Prices Seen Stable at US$4,000-US$5,000 Range
Malaysia's gold prices are expected to remain stable within the US$4,000 to US$5,000 per ounce range for the next one to two years. This prediction comes from Datuk Seri Louis Ng, President of the Malaysia Gold Association (MGA) and founder of Public Gold. According to Ng, changes in interest rates in major economies will continue to influence investment demand for gold.
The current price of gold is around US$4,350 an ounce, but Ng believes that movements in interest rates in countries like the United States and Japan will have a significant impact on gold's price direction. Public Gold has recently launched its new refinery, which will enable the company to process scrap gold locally instead of sending it overseas.
The refinery is located within the Batu Kawan Industrial Park and has a built-up area of approximately 4,038.68 sq m. It is designed to refine up to 10 tonnes of precious metals annually, with capacity expandable to between 20 tonnes and 50 tonnes a year as market demand grows.