SHAH ALAM - The Malaysia Gold Association (MGA) gathered significant global precious metals leaders and industry players from several nations at the 2nd Edition Malaysia Gold Conference 2024 on Wednesday.
MGA president Datuk Wira Louis Ng said the key to success was to have the ability to properly understand how to unlock the potential of gold in any part of the world.
"Venturing into Asian gold markets will not only benefit foreign business owners and investors, but also their respective nations at large in the economy standpoint.
"Malaysia being an Islamic country strategically located in the heart of Asia, holds great potentials in becoming the next global gold trading hub,” he said.
Ng said the gold products in Malaysia were often of high quality due to the stringent tests conducted in accordance with Shariah standards, to ensure consistency in quality and purity.
"Not just that, the local markets, who are predominantly Muslims, are already well versed on the importance of physical gold based on their religious beliefs.
"Therefore, venturing into Malaysian gold markets will be an instant revenue boost for all,” he added.
During the conference, over 300 global precious metals leaders and key industry players from various countries gathered and shared valuable insights on global gold market trends and highlighted its potential for international trade.
The conference was honoured with a keynote speech by Deputy Domestic Trade and Cost of Living Minister Senator Fuziah Salleh who spoke on behalf of Prime Minister Datuk Seri Anwar Ibrahim.
She emphasised the importance of learning from renowned speakers and congratulated the MGA for organising the event.
The event started with an opening speech by London Bullion Market Association Senior Advisor Jeremy East followed by the first session by Precious Metals DMCC Authority Department Manager Sudheesh Nambiath who talked about the emergence of United Arab Emirates (UAE) as a key hub for precious metals trading – facilitating global industry opportunities.
Apart from UAE, gold leaders also discussed about the great potentials Asia has as a gold market, that is highly capable of becoming the next Global Gold Trading Hub in the region, under a discussion session moderated by World Gold Council Asia Pacific & Global Head of Central Banks Shao Kai Fan.
In the second session, Amanie Group Founder and Executive Chairman Tan Sri Dr Mohd Daud Bakar shared useful tips for unlocking the bandwidth of gold in the financial and non-financial markets from a Shariah perspective.
Following that, a discussion session moderated by Metals Focus Principal Consultant Chirag Sheth saw prominent leaders talked about the latest gold market trends in Asean countries.
All in all, these insightful discussions held during the Malaysia Gold Conference 2024 have significantly provided delegates' understanding and knowledge of the global gold markets, with a particular focus on Asian markets.
MGA was founded in 2014 and has since been instrumental in developing the local precious metals industry through a range of initiatives, including upholding regional gold standards and actively participating in the formulation of national policies.
Its core purpose was to safeguard the well-being of the local precious metals industry and to ensure its sustained growth.
In addition to the annual gold conference, MGA is also co-hosting the 'China-Asean Gold and Jewellery Trade Collaboration Forum' with the China Gold Association today.
This exclusive forum catered for distinguished delegates from over eight Asean countries, providing a platform to delve into crucial discussions on global trade and collaborations.
The event also aims to facilitate visits to prominent gold and jewelry enterprises in Malaysia and Thailand.