Soaring price of gold

Soaring price of gold in Kuala Lumpur impacting traditional gift-giving habits, particularly during the season of weddings and celebrations. M. Devi, a 57-year-old manager, experienced sticker shock firsthand when a simple gold bracelet carried a hefty price tag of RM2,800 at a local jeweler. Opting for a cash gift instead, Devi represents a growing trend among Malaysians reconsidering gold purchases amidst rising costs.

This shift comes during a culturally significant period for weddings among the Indian and Chinese communities. For Indians, especially South Indians, the month of Chithirai marks an auspicious wedding season, while the Chinese prefer scheduling weddings post-Cheng Beng, which occurred on April 4.

A visit to the gold shops along Jalan Masjid India revealed a scene where browsing outnumbered buying. This is because price of gold is soaring and many can’t really afford it. Devi noted that while it is customary to gift gold jewelry at weddings and to newborns, the escalating prices have made her rethink this tradition.

However, not everyone views the soaring gold price negatively. Tanalakshmi Sukumaran, a 36-year-old Bahasa Melayu teacher, sees the rising gold prices as a beneficial investment. Having habitually purchased gold, she finds the current market conditions validating her strategy, even if it means buying less.

Tanalakshmi’s visit to purchase a diamond ring for her birthday was accompanied by her mother and aunt, the latter who was exchanging her 36-year-old wedding chain for a new one, citing the increased value of gold as a timely opportunity.

Contrastingly, Fauzi Pilus, a 44-year-old civil servant, expressed his astonishment at the steep gold price when shopping for his bride, finding himself limited to the basic essentials of a ring and a chain to maintain appearances before family.

Systems officer Selvarani Loganathan, preparing for her brother’s upcoming wedding festivities, shared her frustration over the soaring gold price, which forced her to compromise on the amount of jewelry originally planned. Reminiscing about lower prices at her own wedding in 2020, she regretted not investing in gold earlier.

As gold prices continue to climb, they not only reshape traditional practices but also prompt Malaysians to weigh the cultural significance of gold against its economic burden.

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