Consumers tweak golden taste
By Joanne Chan, Zhao Quan Yin | Posted: 19 July 2011 2231 hrs
SINGAPORE: With gold prices racing to record highs, consumers are tweaking their jewellery preferences to get the most bang for their buck.
To compensate for higher gold prices, young couples are turning to pieces that are hammered thinner but appear bigger from the front.
Jewellers said most wedding couples have a budget of between S$1,000 and S$2,000, and this hasn't changed much over the years.
With prices on the rise, couples are making do with less - a previous budget for 30 grammes of gold will now only fetch 20 grammes.
However, some buyers still see value in investing in gold.
"Some customers have confidence in gold prices. For them, they will like to keep gold as a kind of security. But some of them may not want to buy gold bars, so they tend to turn to more traditional gold ornaments, like bracelets or necklaces. Some buy up to 200 to 300 grammes (of gold) for keeping," said Mr Yeo Hiang Meng, managing director at Orient Goldsmiths & Jewellers.
Gold prices have been rising steadily for the last 10 days, soaring above US$1,600 per ounce on Monday.
The precious metal is seen by investors as a safe haven during times of global economic turmoil.
- CNA/cc
- wong chee tat :)
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