Gold counters shine as bullion hits record high

KUALA LUMPUR: Shares of gold-linked companies on Bursa Malaysia rose after the precious metal, widely seen as a safe haven for investors, climbed to a record high.

Spot gold rose 0.4% to US$4,224.79 per ounce, as of 0033 GMT, after hitting a record high of US$4,225.69, Reuters reported.

Bullion, a favoured refuge in times of uncertainty and a beneficiary of low interest rates, has risen more than 60% this year.

Analysts said the ongoing gold rally is driven by a mix of factors, including heightened geopolitical tensions, expectations of interest rate cuts, and increased central bank purchases, among others.

Jewellery retailer Tomei Consolidated gained 5.49%, or 10 sen, to RM1.92, extending its year-to-date advance to about 20%.

Poh Kong added 5.31%, or six sen, to RM1.19 as at 10.22 am, bringing its gains this year to more than 21%.

Aumas Resources, which operates a gold mine in Sabah, climbed 1.24%, or one sen to 81.5 sen. YX Precious Metals rose one sen to 81.5 sen.