Logo of Phnom Penh Post newspaper Phnom Penh Post - Trading low as gold prices stay stable

Trading low as gold prices stay stable

A vendor lays gold chains out in a display case at a jewellery shop in Phnom Penh.
A vendor lays gold chains out in a display case at a jewellery shop in Phnom Penh.

Trading low as gold prices stay stable

Gold retailers continue to enter into the Cambodian market despite a drop in demand in recent months as prices remain stable, according to local retailers.

Retailers speculate that the decrease in demand is the result of gold prices being stable for the first four months of this year, fluctuating between a January low of $1,400 per damlung of gold to today’s $1,500.

Heng Chhaytith, owner of Heng Chhaytith Gold and Jewelry shop, said that currently it is a buyer’s market with 70 per cent of his customers coming to sell.

“Now it is planting season and many people need capital so they sell gold for money to grow crops,” he said. “Gold price increased a bit compared to early this year, which could also be the reason that number of gold sellers have increased.”

Seang Lim, manager of Ly Hour Money Exchange and Jewelry, said the number of customers at her shop has declined noticeably compared to earlier this year.

She currently sells about 20 damlung of gold a day for $1,505 each compared to the more than 50 damlung she sold per day for $1,400 in January.

“When prices decrease, more people come to buy,” Lim explained. “For instance, if prices decrease to 1,300 per damlung, I can sell nearly 100 damlung of gold per day.”

According to Bloomberg, gold was sold at $1,254 per ounce yesterday.

MOST VIEWED

  • Restrictions re-imposed in capital as Covid cases surge

    Amid the ongoing community outbreak of Covid-19, which has shown no sign of subsiding with 750 infections and 10 deaths reported on June 2 alone, the Phnom Penh Municipal Administration has decided to re-impose the suspension of all occupations and business activities deemed as posing high risk of

  • Phnom Penh-Sihanoukville expressway 51% complete

    The construction of the nearly $2 billion Phnom Penh-Sihanoukville Expressway is 51.35 per cent complete and is expected to be finished in 2023, according to Ministry of Public Works and Transport secretary of state Vasim Sorya. Invested in by Cambodian PPSHV Expressway Co Ltd, the first expressway in

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • First 7-Eleven store to open mid-June, ambassador says

    Thai retail conglomerate CP All Pcl will open Cambodia’s first 7-Eleven convenience store in mid-June, Cambodian ambassador to Thailand Ouk Sorphorn told The Post on June 1. The Bangkok-listed 7-Eleven franchise operator, the retail arm of Charoen Pokphand Group Co Ltd, granted CP All (Cambodia)

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • US embassy guard gets Covid despite two doses of Pfizer jab

    The Covid-19 tracking commission on June 4 said a security guard at the US embassy in Phnom Penh had contracted the novel coronavirus, despite having received a second dose of the Pfizer-BioNTech shot two weeks ago. Embassy spokesperson Chad Roedemeier confirmed the SARS-CoV-2 infection to The