Penang: 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, noted that gold continues to be a sought-after asset, although changes in major economies' interest rate trajectories could dampen demand and influence the precious metal's price direction.
According to BERNAMA News Agency, Ng stated that gold is expected to stay stable within the forecasted range until there is a clearer direction regarding interest rates. He made these comments at the launch of Public Gold's new refinery, which is Malaysia's first international-standard refinery center. Ng, who is also the founder and executive chairman of Public Gold, emphasized that the price range is expected to provide strong support for gold prices. He highlighted that movements in interest rates in countries like the United States and Japan will continue to influence investment demand for gold.
Located in the Batu Kawan Industrial Park, Public Gold's new refinery spans 1.14 acres with a built-up area of 43,472 square feet and can refine up to 10 tonnes of precious metals annually, with potential expansion to between 20 and 50 tonnes per year. Construction of the facility began in 2024, and it is now operational, involving an investment of RM30 million. The facility enables the local refining of scrap gold, which previously had to be sent to overseas facilities in Hong Kong and Singapore, thus reducing transportation, insurance, and refining costs.
Ng mentioned that Public Gold had exported about two tonnes of scrap gold for refining in the last two months. He expressed confidence that the new refinery, adhering to international standards, will allow for the refining process to be done locally. This project has generated approximately 1,000 job opportunities, offering roles in technical and engineering positions, quality assurance, operations, and corporate support functions.
Public Gold, established in 2008, serves over 2.6 million customers across Malaysia, Singapore, Indonesia, Brunei, and recently the United Arab Emirates. The company boasts an integrated ecosystem encompassing trading, manufacturing, and refining. The launch event was officiated by Penang Chief Minister Chow Kon Yeow and Entrepreneur and Cooperatives Development Minister Steven Sim.