KUALA LUMPUR (Jan 10): The high gold price on the global futures market will boost the gross profit margin of top Malaysian jeweler, POH KONG HOLDINGS BHD [].
The increase in gold futures prices would eventually be passed down to consumers, according to Poh Kong's head of corporate affairs, administration and human resources. Margaret Hon
Speaking to reporters after its AGM on Tuesday, she expected gold price to see volatile trade as the market had corrected from the high of nearly US$2,000 per oz last year while a possible war between the West and Iran would boost demand for gold.
"The gold price will look pretty choppy for this 2012, but if the Iran war is on, we would see the gold price to rise,” she said. She added at present, gold price was on a downward trend but she expected prices to pick up.
Poh Kong managing director and executive chairman Datuk Eddie Choon Yee Seiong said gold price could increase by as much as 30% this year compared to the average price seen last year.
In 2011, the average price for gold was at US$1,572.86 per oz, with the year's high and low was at US$1,900.23 per oz on Sept 5 and US$1,313.93 per oz on Jan 27.
The increase in gold futures prices would eventually be passed down to consumers, according to Poh Kong's head of corporate affairs, administration and human resources. Margaret Hon
Speaking to reporters after its AGM on Tuesday, she expected gold price to see volatile trade as the market had corrected from the high of nearly US$2,000 per oz last year while a possible war between the West and Iran would boost demand for gold.
"The gold price will look pretty choppy for this 2012, but if the Iran war is on, we would see the gold price to rise,” she said. She added at present, gold price was on a downward trend but she expected prices to pick up.
Poh Kong managing director and executive chairman Datuk Eddie Choon Yee Seiong said gold price could increase by as much as 30% this year compared to the average price seen last year.
In 2011, the average price for gold was at US$1,572.86 per oz, with the year's high and low was at US$1,900.23 per oz on Sept 5 and US$1,313.93 per oz on Jan 27.
