KUALA LUMPUR (Jan 9): Tomei Consolidated Bhd (KL:TOMEI) managing director Datuk Ng Yih Pyng said the gold price rally could be sustained and may move higher, supported by heightened geopolitical uncertainties and growing investor interest.

While acknowledging that gold prices typically move in cycles, Ng said the current uptrend is underpinned by structural factors, including sustained buying by central banks worldwide.

“Central banks are not traders, and as long as they do not sell, gold prices will remain supported,” Ng told the media on the sidelines of Tomei’s Chinese New Year 2026 media launch here.

At the time of writing, spot gold was up 0.33% at US$4,466.81 per ounce. Gold prices hit a record high of US$4,549.71 on Dec 26 last year and ended 2025 with a gain of 64%, its best annual performance since 1979.

Some analysts see gold hitting US$5,000 per ounce in the first half of 2026, driven by geopolitical risks and rising fiscal debt levels.

Ng said the gold rally has helped Tomei’s earnings in the short term, but noted that overall earnings depend on multiple factors beyond sales.

“We do hope gold prices will be slightly more stable and less volatile, but this is beyond our control. Over time, prices should even out,” he said.

On expansion, Ng said Tomei expects to finalise several new outlet deals soon, although rising rental costs have made new store openings increasingly expensive.

Meanwhile, the company also plans to roll out promotions and new product launches throughout the year, including ahead of the Hari Raya festive season and in conjunction with Visit Malaysia Year.

“We have some exciting launches coming up, which will be announced in due course. We believe it will be an exciting year for us,” he said.

On Friday, Tomei launched its Chinese New Year 2026 collection themed “The Bountiful Heart of the Horse”.

“We hope the Year of the Horse will be a better year, and we are confident it will be, as we have introduced many new products and designs that cater to different customer profiles,” Ng added.