KUALA LUMPUR (July 27): Shares in jewellery makers jumped today as gold futures spiked to a record high on renewed interest from investors due to fears about the global economic recovery.

At the time of writing, shares in Tomei Consolidated Bhd had jumped 19 sen or 38.38% to 68 sen. The counter had rallied 51% over its last five trading days.

Meanwhile, Poh Kong Holdings Bhd rose 15.5 sen or 29.81% to 67.5 sen, bringing its gain this year to over 42%.

At their last share price, the two counters were trading at a price-earnings ratio (PER) of 9.61 times and  10.26 time respectively.

Meanwhile, East Malaysia-based Bahvest Resources Bhd, which said it diversified into gold mining from the fishery business a few years earlier, also jumped 7.5 sen or 18.07% to 49 sen. Meanwhile, its warrants rose three sen or 11.11% to 30 sen.

Niche Capital Emas Holdings Bhd, another little-known listed company, rose half a sen or 7.69% to seven sen, while its warrants also rose half a sen or 14.29% to four sen.

The share price run occurred despite the recent performance of Bahvest and Niche, which were both loss-making.

Bloomberg reported this morning that gold futures traded at a record high as the US dollar plunged and concerns about the global economy boosted demand for havens, while a contract roll provided a further boost to the metal’s rally.

At the time of writing, the Kitco spot gold price was US$28.60 (RM121.61) or 1.5% per troy ounce higher at US$1,929.90.

Meanwhile, the silver spot price also rallied, rising US$1.39 or 6.1% per ounce to US$24.09 — its highest since 2012 — Kitco data showed.

However, Bursa Malaysia gold futures for August 2020 traded unchanged at RM247.75 at the time of writing.