Sabah gold mine operator Aumas Resources Bhd rose 8% or 6 sen to 81 sen before settling 7.3% higher at 80 sen, valuing the group at RM1.47 billion.
Jewellery retailer Tomei Consolidated Bhd was up as much as 8.3% or 13 sen to RM1.70 before closing 5.1% or 8 sen higher at RM1.65, valuing it at RM228.7 million.
Fellow jeweller Poh Kong Holdings Bhd rose nearly 4% or 4 sen to RM1.05 before ending up 3% at RM1.04, giving it a market capitalisation of RM426.8 million.
Exchange traded fund TradePlus Shariah Gold Tracker, which tracks the returns of gold, was up as much as 3.5% to RM4.15 today.
Gold surged to a record high today, trading close to the key US$3,000 (RM13,333) mark, propelled by ongoing trade war fears and expectations of a rate cut by the US Federal Reserve.
Earlier in the session, it hit a record high of US$2,993.80. US gold futures rose 0.4% to US$3,004.20.
The bullion has scaled 13 all-time highs so far this year and is on track for a second straight week of gains.
Demand for gold has intensified since the start of the Trump presidency and market observers have flagged a short squeeze on bullion in the market, as traders scurried to ship gold from Bank of England to the US to avoid Trump tariffs.
The UK central bank holds in its vault in London commercial gold owned by banks and other countries’ central banks, in addition to managing the country’s own gold reserves.
In a recent note, United Overseas Bank said the increasingly uncertain and volatile nature of the Trump administration’s trade policy will likely reinforce the flow of gold bullion into the US, reinforcing the ongoing global short squeeze in gold. - FMT
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