Bought a gold braclet today when the price of gold hit USD1389 per ounce. In commercial price, it is S$57.50/gram.
Gold has dropped significantly from last year when it was in excess of USD1700 per ounce. The braclet weighs 14.94 gram and including workmanship and value added tax, it costs S$1009.12. Considering that the braclet can be used as an ostentatious ornament, I felt that it was better than holding a piece of gold certificate. Of course, gold certificate can be sold easily for a profit.
There is possibility of gold price facing continuous selling pressure to perhaps a USD$1200 level. However, the saving transmitted to commercial gold price may not be significant. Afterall the weight of the braclet is less than 50 gram.
PS: Workmanship cost S$89.934 for the braclet.
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