Higher gold prices no boon for pawnbrokers
While the number of clients selling their gold has risen with soaring gold prices, the number pawning has only inched up
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Uma Devi
Singapore
GOLD prices hit an all-time high of US$2,000 an ounce in August, and pawnbrokers report a trend of people trying to sell their gold. But in general, the pandemic is still a bigger factor in customer behaviour and transaction volume has been relatively low.
Yeah Lee Ching, secretary of the Singapore Pawnbrokers' Association, told The Business Times that while the number of customers selling their gold has increased since gold prices hit a record-high, the number of customers pawning their gold has only inched up.
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