Logo of Phnom Penh Post newspaper Phnom Penh Post - Hard asset: Gold prices close in on local record

Hard asset: Gold prices close in on local record

Hard asset: Gold prices close in on local record

Hard asset
CAMBODIA’S gold prices increased 2 percent last week in line with global prices, nearing record highs, Phnom Penh dealers said yesterday.
One damlung – the King-dom’s preferred method of denominating gold, equal to 1.2 troy ounces – traded at US$1,480 on Sunday, up $30 from $1,450 a week earlier, according to officials from Phnom Penh’s Ly Hour Exchange.

“The surge in Cambodian gold prices is due to rising prices on international markets,” Ly Hour owner Sieng Lim said yesterday.

“But we cannot predict whether gold will increase or decrease this week: Everything depends on international markets.”

Most of the Kingdom’s gold arrives from overseas markets such as Singapore and Hong Kong, according to Sieng Lim.

Gold previously climbed as high as $1,510 per damlung on the Ly Hour Exchange in June.

It closed at $1,228.10 a troy ounce Friday on the New York Mercantile Exchange, below its all-time record of $1,265.30 on June 21.

Virin Ratank, owner of Phnom Penh-based dealer Virin Ratank Gold Jewelry, said gold was testing all-time highs on domestic markets, benefiting those who denominate their savings in the precious metal.

“Khmer people like to save in gold rather than cash,” she said. “So when it goes up in price, many people will benefit.”

However, the domestic gold prices were difficult to predict.

“Today, I’m selling gold at $1,480 per damlung, but for tomorrow, I don’t know.”

Mokod Pich Gold Shop near the capital’s Central Market was also selling at $1,480, said sales representative Kong Vichka.

MOST VIEWED

  • Reuters: US Embassy fired 32 staff members for sharing pornography

    The United States Embassy in Phnom Penh has fired 32 non-diplomatic staff members who were allegedly caught exchanging pornographic images and video, including of minors, according to the news agency Reuters. Four sources, who spoke on condition of anonymity, told Reuters the content was shared in

  • Our 2018 guide to spending Khmer New Year in Phnom Penh

    Khmer New Year festivities are upon us. For the next few days, travellers will be making their way to their home provinces to eat, celebrate, play traditional games and visit a pagoda with offerings. If you will be staying put in Phnom Penh for the

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the