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It was announced recently that the vaccine for COVID-19 is in development, bringing relief to everyone around the world.
This same relief seems to have prompted the steep drop in the price of gold, which investors had earlier flocked to as a safe asset.
Gold Investment consultant, Syukor Hashim told Bernama that the price of gold dropped to RM256 per gramme, compared to the price of gold exceeding RM300 per gramme around early January until August.
Several media sources had reported that people were flocking to jewellery shops to buy gold as an investment during this time, causing many to forget about the standard of operating procedures.
When asked if gold prices could shoot up again, Syukor added that he could not predict the price as it is mainly influenced by global news, too.
"For example, the power transfer in the United States between Joe Biden and Donald Trump, if there is a 'drama' between them, the price of gold can go up again,” he said.
According to a survey by Bernama, there are more customers visiting jewellery stores on the weekend compared to week days, and most customers are ordering new gold jewelleries as investment, if not to trade in their old jewellery for new.
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