Gold and silver prices have surged since the 1980s, and they have been used as a store of value for fear of a financial meltdown. However, gold and silver in the form of bullion are still not so popular compared with other gold and silver products (jewellery) and other financial instruments in Malaysia. Limited study has actually verified the factors that affect the investors’ intention to purchase bullion. Thus, this study explores factors affecting investors’ behaviour and their intention to purchase bullion based on the Theory of Planned Behaviour. This study also examines the moderating effect of scepticism between investors’ behaviour and their intention to purchase bullion. A total of 208 sets of data collected in a self-administered online structured survey was analysed using PLS-SEM. This study finds that investors’ behavioural belief and control belief significantly and positively affect their respective attitude towards behaviour and perceived behavioural control and, thus, intention to purchase bullion. Results are found insignificant for normative belief, normative attitude and intention to purchase bullion and the moderating effect of scepticism in affecting investors’ intention to purchase bullion. The findings of this study hope to provide insight and deeper understanding to bullion traders and financial advisors in improving their marketing strategies in growing interest in the bullion market.

自1980年代以来，黄金和白银价格一直飙升，由于担心金融危机，它们已被用作价值存储。然而，与马来西亚的其他黄金和白银产品（珠宝）和其他金融工具相比，金条形式的黄金和白银仍然不那么受欢迎。有限的研究实际上已经验证了影响投资者购买金银意愿的因素。因此，本研究基于计划行为理论探讨了影响投资者行为及其购买金银意愿的因素。这项研究还检验了投资者行为与购买金银的意图之间的怀疑的调节作用。使用PLS-SEM分析了自我管理的在线结构化调查中收集的总共208套数据。本研究发现，投资者的行为信念和控制信念显着且积极地影响了他们各自对行为和感知到的行为控制的态度，从而影响了他们购买金条的意愿。结果表明，对于购买金条的规范信念，规范态度和意图以及怀疑论对投资者投资金条的调节作用的影响微不足道。这项研究的结果希望为金条交易者和财务顾问在提高他们对金条市场日益增长的兴趣的营销策略时提供见识和更深刻的理解。买金条的规范态度和意图，以及怀疑论对投资者购买金条的影响的调节作用。这项研究的结果希望为金条交易者和财务顾问在提高他们对金条市场日益增长的兴趣的营销策略时提供见识和更深刻的理解。买金条的规范态度和意图，以及怀疑论对投资者购买金条的影响的调节作用。这项研究的结果希望为金条交易者和财务顾问在提高他们对金条市场日益增长的兴趣的营销策略时提供见识和更深刻的理解。