Gold Price Today in Malaysia: The price of 24-carat gold declined in early trade on Friday. The ten grams of the 24-carat precious metal fell by RM 10 to RM 3600, according to GoodReturns. The price of 24-carat gold was RM 3610 on Thursday.
The prices of 22-carat remain unchanged, with ten grams of the yellow metal selling at RM 3440.
US gold prices were steady on Friday, on track for their first weekly rise in four weeks, despite declining more than 1% in the previous session after the US Federal Reserve forecast only one interest rate cut this year.
The spot gold price was unchanged at $2,303.43 per ounce at 0134 GMT. Bullion was up 0.5% so far this week.
Spot silver dropped 0.5% to $28.985 per ounce, platinum rose 0.7% to $953.43, while palladium was up 0.8% at $889.84.
Should You Invest?
Investing in gold can be a strategic move in times of economic uncertainty, as it often serves as a hedge against inflation and currency fluctuations. The recent uptick in gold prices, despite minor fluctuations in the global market, indicates a robust demand, which could be advantageous for investors seeking stability. However, it’s essential to consider your investment horizon and diversify your portfolio to mitigate risks associated with market volatility.
Gold Price Today in Malaysia (22-Carat)
| Gram | 22-Carat Today | 22-Carat Yesterday | Price Change |
| 1 Gram | RM 344 | RM 342 | 0 |
| 8 Gram | RM 2,752 | RM 2,736 | 0 |
| 10 Gram | RM 3,440 | RM 3,420 | 0 |
| 100 Gram | RM 34,400 | RM 34,200 | 0 |
Gold Price Today in Malaysia (24-Carat)
| Gram | 24-Carat Today | 24-Carat Yesterday | Price Change |
| 1 Gram | RM 360 | RM 361 | RM -1 |
| 8 Gram | RM 2,880 | RM 2,888 | RM -8 |
| 10 Gram | RM 3,600 | RM 3,610 | RM -10 |
| 100 Gram | RM 36,000 | RM 3,6100 | RM -100 |
Tips for Budding Gold Investors
According to the Malaysian Gold Association (MGA), budding investors who want to invest in gold should choose gold bars instead of jewellery.
MGA president Louis Ng recently said people who have never invested in gold are advised to consider buying gold bars instead of jewellery.
“Speculating on gold prices can be risky, especially when using margin or gearing. Price corrections in the gold market can be severe, leading to significant losses for speculators.”If you are new to buying physical gold, buy the small ones with a cheaper price tag and affordable price. Some people buy large pieces of gold and pay them in instalments. This is not advisable,” he told Business Times.
Budding investors should invest in smaller denominations initially, like five or ten grams, Ng recommended. Furthermore, he said they should pay the full amount instead of using leverage as it minimises the risk associated with speculative trading.
Gold investment is often referred to as a “safe haven” in times of volatility. However, Ng says it is important to exercise caution when navigating the gold market, especially in times of volatility.
“While there are opportunities for profit, there are also inherent risks that investors must be mindful of,” he added.
Buying Gold in Malaysia
If you want to buy gold in Malaysia, you will likely see gold prices in the local currency. In many major markets, prices are also available in other major world currencies such as the US dollar, Japanese Yen, Euro or British Pound. Although there are other units of measurement, gold is usually measured in ounce, gram or kilo.
Malaysian Gold Bullion Coin
Malaysia’s official gold bullion coin is the Malaysian Kijang Emas, minted by the Royal Mint of Malaysia. It was first issued in 2001, making Malaysia one of the many countries to issue its own gold bullion coin. Other countries that have done so include Australia, Canada, the United States, South Africa, and many more. The coin is 999.9% fine gold and is available in several denominations. Furthermore, it is available in three weights: ¼, ½, and 1 ounce.
The obverse of the coin depicts a barking deer (“Kijang”) in its natural habitat in Malaysia. The obverse also indicates the coin’s weight, purity, and year of mint, as well as the words “BANK NEGARA MALAYSIA and KIJANG EMAS.” On the back, you can see the hibiscus, Malaysia’s national flower. The reverse also displays the coin’s face value and the words “BANK NEGARA MALAYSIA” in Arabic script.
Building a Gold Portfolio
Bullion coins can be a great way to build an impressive gold portfolio. Although they may carry higher premiums than bullion bars, the coins are considered legal tender and often feature highly detailed and visually appealing designs. Moreover, one can easily store coins in a safe, bank locker, or depository. It is also possible to save per ounce cost by purchasing coins in bulk.
