Welcome to CYB| Chea-Yee's Blog.

This blog captures the musings and anecdotes of the daily life of a Malaysian who is now living in Melbourne, Australia.


Malaysia: 999.9 & 916 Gold prices hit hard!

My first Poh Kong - Tranz series pendant. Love this design! (2010).

I am a gold lover. Been advised by a mate that this year isn't a good time to buy gold.

For me, I would say the same for mobile phones, coz the price keeps dropping the moment you buy it. I ain't too passionate about touch screen phones though. Currently using a Nokia E6. Half touch screen so I can utilize a bit more apps, and a physical keyboard for my tactile sense to work the keyboard.

So I have been told that gold prices are dropping like mad at this moment as I write. At 5pm Malaysia time on Monday, I received a Whatsapp message from a mate that gold prices was dropping.

It is not advisable to purchase gold buillions from the goldsmith & jeweller shops, as they follow a different recommended pricing set out by the Federation of Goldsmiths And Jewellers Association Malaysia (FGJAM) and has a higher spread as compared to the market price at the banks which is a lot lower.

The prices may be dropping like flies, but if Maybank or the others don't want to sell, you still cant get physical stock either, isn't it?

My first Poh Kong ring (2004)
For those who bought today, thats good. I really doubt Maybank has any stock they will release coz they might want to wait till when the price is high. Yes, did you know that Maybank actually sells physical gold buillion?Yes, they do, but only at certain outlets.

As for the gold shops in KL, will have to wait till tomorrow morning to know if their offices have changed the prices or if they are trying to keep it as high as possible. The FGJAM has actually dropped their approved retail prices as much as Rm10/gram since January this year.

We shall have to wait till end of this week to know if the drop in gold price is sustained, and if they will allow further decrease as retail prices for gold jewelry is controlled, and not volatile as that in the market.

Today, the lowest I found was Sri Pinang dropped the price of their 916 to Rm176, whilst Poh Kong is still maintaining theirs at Rm180 p/gram. Darn you, Poh Kong!

For 916, I suggest it doesn't matter where you buy it, as long as the price is cheap. I say this as I have surveyed many shops, and there is that deduction rate of up to 20% if you want to trade in, and most of them aren't too concerned where you got yours from.

But for 999, I suggest you shop for the goldsmith that has the best trade in or/and cash conversion rate, rather than just price of the gold. Many of the gold shops may not sell their own gold buillions, and are third party retailers. Personally, if you are going to stay locally, I think it is better to get local house brand of the gold buillion as some shops have a lower deduction rate when trading in, or converting to cash.

Poh Kong might keep their 999 gold at today's price of rm190/g, but I haven't found any other shops that has better trade in rate that can beat theirs for the time being. Most shops have a deduction for the gold buillion, but strangely theirs is void of the deduction rate if you do a trade in for other jewellery. This only applies to jewellery trade in.

PAMP is an internationally recognised brand for gold buillion, but their workmanship cost will cause you to vomit blood.

If you are looking to get an engagement ring, or that beautiful piece of gold necklace, now is a good time. Just remember that white gold is sold by design, and yellow gold is sold by weight.

So do your homework before making any rash purchases, and never do it in a hurry.

Related News & Articles!

June 28th: Gold price drops to RM125.90 per gram!

June 27th: Gold price drops to RM129.40 per gram!

June 20thMy Emas Sri Pinang22k (916) Gold Pendant Prize.

27th May 2013:
999.9 Gold Prices- CIMB GIA
CIMB GIA : Gold Investment Account
Observations: Gold Selling

April 16th report:

April 17th: The Star: Investors Stock Up on Gold After Major Drop in Price.


CY said...

Current gold price at Poh Kong today:
Rm175/gram - 999
Rm165/gram- 916.
What a huge drop from yesterday!
Traders will be crazy upset.. But good time for customers.!

CY said...

Current gold price at Poh Kong today:
RM165/gram 999
RM155/gram 916

Anonymous said...

When the rate of RM155/gram? Your comment did not put in the date.

cheayee said...

It would have been in April... Don't know why the date doesn't appear in the date stamp

PohKong Malaysia said...

Thanks for such useful ideas to keep people directed to the most authentic places to shop jewelry with higher discount rate. There are so many variety of precious class gold ornament people buying these days for all types of occasions or any auspicious event. Thinking about to buy jewelry then visit Pohkong - the largest selling retailer of Gold Jewellery Malaysia

Anonymous said...

Hi CY, May I know how to get the Tranz series love shape pendant?

cheayee said...

This reply is too long overdue... but Tranz is from Poh Kong... so head to Poh Kong.

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