Gold rush in Malaysia as Deepavali approaches

Gold rush in Malaysia as Deepavali approaches

GEORGE TOWN - The glitter of gold is adding more shine to Little India as more shoppers head to jewellery shops there, especially since the price of the precious metal has dropped to an all-time low.

The price of gold has dipped to its lowest in four years and jewellery shops are drawing big crowds before Deepavali, which falls on Oct 22.

VKN Jewellers and MD Sdn Bhd manager J. Kapilkumar said the price of gold was now RM122.50 (S$48) per gram.

"It was about RM135 during Deepavali last year. The jewellers here offer a good price for shoppers," he said at his outlet in Market Street yesterday.

Another jeweller S. Tamilarasi also said business had been brisk since the beginning of the month.

"We offer very minimum charge on workmanship," she said.

Businessman S. Kalaiselvam from Bukit Mertajam, who was seen selecting gold necklaces with his family members, said the cool weather also made it a pleasant day to shop.

"It's fortunate that the rain has stopped.

"I brought my wife and daughters here to do their shopping," said the 56-year-old.

Another shopper was R. Amala, 27, who came with her husband Dr M. Rishotharan, 28.

They were buying new clothes for their three-month-old daughter Subiksha.

"Our priority has changed now that we have a baby. Everything is for her first," Dr Rishotharan said.

The couple, who came from Ipoh, felt there was a greater variety here compared to Ipoh.

The festive mood could be felt in Little India as shops were decorated with greeting cards, chains and garlands, with loud music playing in the background.

The Penang Municipal Council is also providing limited free parking at the multi-storey car park in Beach Street from now until Oct 22.

The free parking is from 1pm on Saturday and after 6pm on weekdays. It is free on Sundays.

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