By Hor Kimsay
Local shops dealing in gold reported a surge in activity following the United Kingdom’s vote on Friday to leave the European Union – a decision that pushed international gold prices up sharply as worried investors sought a safe-haven asset.
Gold prices in Cambodia – which have climbed steadily since the start of the year – surged another 6.5 per cent to reach $1,620 per damlung on Friday, from $1,520 on Thursday. The price rise matched similar movements in international gold prices, with one damlung the equivalent of 1.2 Troy ounces.
Seing Lim, manager of Ly Hour Money Exchange and Jewelry, said many people were encouraged to come and sell their gold at her shop after local gold prices jumped $100 per damlung in a matter of hours.
“They are happy to sell it now as they earn good profit from the current soaring price of gold,” she said.