Monday, 9th January 2006 (3963 views)

Malaysians' appetite for gold coins is growing, according to the United Overseas Bank (UOB).

Popular with collectors as well as investors, there are many different types of gold coin, from numismatic (or rare) varieties, to commemorative coins and those that have been minted recently.

UOB assistant division head, Michael Beh Soo Heng, said that sales of the bank's gold coins had increased between 30 and 50 per cent over the last year.

"Sales should increase further this year," he told the Star Online, explaining that an awareness of the higher gold price would stimulate demand.

UOB's range of gold coins includes the Canadian Gold Maple Leaf, the Swiss Pamp Gold Coin, the Australian Kangaroo Gold Nugget and the Singapore Lion. The Australian nugget and Pamp Gold have recently been selling particularly well.

It also sells the commemorative coins Guan Yin and Buddha, and the Lunar Year of the Dog.

Ranging from an ounce to 0.05 ounces, Mr Soo Heng said: "Investors tend to buy bigger coins while the collectors go for the smaller ones as the bigger the coins, the narrower the spread."

He said that this was due to the higher cost of manufacturing smaller gold coins.

 

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