Gold To Stay At US$4,000-US$5,000 Range Over Next Few Years -- Malaysia Gold Association
BATU KAWAN, 15 Sept (Bernama) -- Gold prices are expected to remain range-bound between US$4,000 and US$5,000 per troy ounce over the next one to two years, with the precious metal currently trading at around US$4,350 per troy ounce, said the Malaysia Gold Association.
Its president Datuk Seri Louis Ng said gold has remained a sought-after asset, although changes in major economies’ interest rate trajectories could dampen demand and influence the precious metal’s price direction.
“Gold, I think, will be stable around the US$4,000 to US$5,000 per troy ounce range for the next one to two years until we see the direction of the interest rate,” he told reporters at the launch of precious metals trading company Public Gold’s refinery here today.
According to Public Gold, it is Malaysia’s first international-standard refinery centre.
Ng, who is also Public Gold group founder and executive chairman, said the range is expected to provide strong support for gold prices, with movements in interest rates in the United States and Japan, among other factors, continuing to influence investment demand for gold.
Public Gold's new refinery is located on 1.14 acres within the Batu Kawan Industrial Park with a built-up area of 43,472 square feet. It can refine up to 10 tonnes of precious metals annually, with the capacity to expand to between 20 and 50 tonnes per year.
Construction started in 2024, and it is now operational. The facility, which involves an investment of RM30 million, can refine scrap gold locally instead of sending it to overseas facilities, which would help to reduce transportation, insurance and refining costs, Ng said.
He said Public Gold had exported about two tonnes of scrap gold to Hong Kong and Singapore for refining over the past two months.
“With this refinery, which follows international standards, we can refine it here in Malaysia,” he said.
The project has created about 1,000 job opportunities directly, ranging from highly skilled technical and engineering positions to quality assurance, operations and corporate support functions.
Public Gold was established in 2008. It serves more than 2.6 million customers across Malaysia, Singapore, Indonesia, Brunei and recently the United Arab Emirates. It has an integrated ecosystem encompassing trading, manufacturing and refining.
Penang Chief Minister Chow Kon Yeow and Entrepreneur and Cooperatives Development Minister Steven Sim officiated at the launch.
-- BERNAMA