Unstable Gold Prices See 'Mek Kelate' Flock to Jewelry Shops

Women in Kelantan, Malaysia, affectionately known as 'Mek Kelate,' are actively visiting gold shops in the state capital, Kota Bharu, drawn by the current instability in gold prices. The precious metal continues to be a favored choice for the local community, with many seeking to acquire various gold jewelry items.

Visits to several gold retailers in Kota Bharu revealed that shops were busy from as early as 10 a.m., demonstrating gold's enduring appeal. The current market price for gold is around RM495 per gram. Noramira Mohd. Zahari, a 33-year-old shop assistant, noted that the significant drop in gold prices has encouraged more women to purchase jewelry. She mentioned that her employer's business has been affected, as they did not anticipate such a sharp decline in gold prices over the past month.

"I see Kelantanese people are not too calculative about buying jewelry as long as they have the money," Noramira said. "Besides, when gold prices soared above RM600 per gram, they still bought because they were worried the price would continue to rise."

Meanwhile, Noraini Ismail, a 31-year-old trader, stated that while customer traffic remains encouraging, jewelry sales at her shop have decreased by approximately 30 percent since gold prices fell below RM510 per gram. However, she indicated that this situation has not had a major impact, as customers continue to buy various types of jewelry, particularly bracelets.

"Since the price of gold dropped, it has affected the business, but not too significantly," Noraini explained. "For now, I am not adding much new stock of jewelry because I need to consider the current, uncertain gold prices."