Malaysia is considering a new law to govern gold and silver trading in the country after reports of frauds and cheating in trading are coming in from different corners.
Malaysia map
The governmenent has directed country's central bank, the Bank Negara to do a study on enacting a new law as it was concerned about the public’s exposure to the risk in gold and silver investments.
According to Malaysia's deputy finance minister Donald Lim Siang Chai the government is also looking into how gold trading can generate more revenue for the country.
He said investing in gold is an area where the government thinks will help the public to save.
Analysts said awareness on diversifying investment into gold, especially non-jewellery gold that has higher value than gold jewellery, is catching on among Malaysians.
People are buying gold coins, gold wafers, gold bars or opening gold investment accounts for investment nowaday's in the country, they added.
However, the awareness on investing in the precious metal among Malaysians is still low. Bankers and jewellers are confident that more people will be better versed in gold investment.