Malaysians boost gold buying for Raya, with rising trend of gifting gold as duit raya amid strong prices
PETALING JAYA: As Hari Raya Aidilfitri approaches, Malaysians are not just stocking up on baju raya and kuih. Many are also turning to gold, with some even swapping traditional duit raya for the precious metal as both a stylish accessory and a store of value.
In an exclusive interview, Habib Jewels group executive chairman Datuk Seri Meer Habib told theSun that gold sales have increased ahead of Hari Raya Aidilfitri, driven by stronger demand despite elevated prices and ongoing global uncertainties, including geopolitical tensions in the Middle East.
He said while purchasing gold ahead of Raya has long been a tradition, buying patterns are shifting, with consumers no longer waiting until the final weeks before the celebration.
“Every year, people will buy gold before Raya, but usually it peaks about one or two weeks before. Nowadays, people are coming in even earlier (before Ramadan) because there is a lot of uncertainty and speculation that prices may go up,” he noted.
Meer said Malaysian consumer behaviour differs from that of other countries, where rising gold prices tend to dampen demand.
“In some countries, people complain that gold prices are too high, so they do not buy. In Malaysia, it is the reverse. When prices go up, people feel more confident in gold and want to buy.”
He said gold prices have recorded strong gains in recent years, rising about 65% last year alone, following an increase of about 28% in 2024, further reinforcing consumer confidence.
He also said beyond price movements, gold buying remains deeply rooted in Malaysian culture as it has historically served as a reliable store of value.
“Regular customers continue to drive demand as they are always looking for the latest designs and Raya themes, which is reflected in this year’s campaign featuring (singer, songwriter and actress) Datuk Seri Siti Nurhaliza alongside returning personality Ikmal Amri and his family.”
Meer highlighted a growing presence of younger buyers, driven by evolving designs and greater accessibility.
“In the past, younger people felt gold was something for their parents or grandparents. But now, with more contemporary designs and lightweight pieces, they are coming in.
“We do deep research into Malaysian heritage and from there we create designs that reflect our culture.
“It is not just about business but also about promoting local craft and art. For example, this year’s collection is inspired by songket.”
He said beyond personal purchases, the idea of giving gold instead of traditional duit raya is gaining traction, particularly in the form of small, affordable pieces, such as gold wafers and collectibles.
“Instead of giving cash, which is often spent quickly, gold becomes something people keep. It creates a memory and some even collect these pieces over time.”
He said such products were initially introduced as collectibles rather than pure investment items, but have since grown in popularity due to their affordability and sentimental value.
“These items started as something small, around RM99 previously, now around RM188 due to higher gold prices. But they are still accessible and have become popular, especially for gifting.”
He added that increased awareness, particularly since the pandemic, has encouraged more Malaysians, including younger consumers, to view gold as a stable and tangible asset.
“There is much more awareness now. People are reading about gold, understanding it better and some are even shifting from other assets into gold.”
Looking ahead, Meer believes gold gifting will continue to grow as part of festive traditions in Malaysia and become one of the important trends going forward.
“There is nothing quite like gold. It completes the Raya experience as people buy new clothes and gold enhances the overall look while still retaining its value.
“Unlike other accessories, in which the value is lost, gold maintains its worth. That is the unique space it occupies as adornment and investment.”
