Cambodian gold dealers sell at record prices

16:47, June 21, 2010      

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Cambodia's gold prices have surged 11 percent over the past two months, according to Phnom Penh dealers, as the precious metal fetched record highs in New York trading on Friday, local media reported on Monday.

Gold briefly surged to a new high of 1,263.70 U.S. dollars a troy ounce on New York's Comex exchange Friday.

Gold at Ly Hour Exchange, Cambodia's largest dealer, sold at an all-time high of 1,510 U.S. dollars per damlung, or 1.2 troy ounces on Saturday, rising 11 percent over April costs, owner Sieng Lim was quoted by the Phnom Penh Post as saying.

"Gold prices have risen sharply over the last two months. It's likely due to the demand of gold as a safe haven with the euro debt crisis," she said.

Cambodia traditionally imported gold from Singapore or Hong Kong, but increasing international demand is leading the Kingdom to export the precious metal, according to Sieng Lim.

"Shops are collecting gold jewelry and are melting them down as gold bars, and exporting them to foreign markets," she said.

Phnom Penh-based dealer Virin Ratanak Gold Jewelry said the metal has reached record domestic prices in recent months, and that the surge is benefiting Cambodians who denominated their savings in gold.

"The Khmer people traditionally like saving in gold, so when gold prices rise, people are getting good returns on their savings," Virin Ratanak said.

Precious metals are one of the favorite methods for Cambodians to store value, according to a 2007 Asian Development Bank report on rural savings.

Source:Xinhua

(Editor:黄蓓蓓)

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