Gold Price Today in Malaysia: The price of 24-carat gold increased in early trade on Monday. The ten grams of the 24-carat precious metal rose by RM10 to RM3590, according to GoodReturns. The price of 24-carat gold was RM 3580 on Sunday.
On the other hand, the price of 22-carat gold declined, with ten grams of the yellow metal selling at RM3420, a drop of RM 30. It was selling at RM 3450 on Sunday.
With the price of 22-carat gold dropping by RM30 per ten grams, buyers might find this an opportunity to invest.
Meanwhile, gold prices were steady on Monday after falling below the key $2,300 level in the previous session. This is because US jobs data was better than expected, dampening expectations of an early interest rate cut this year.
Spot gold was up 0.2% at $2,396.69 per ounce by 0146 GMT. US gold futures dropped 0.5% to $2,313.60. Spot silver increased 1 per cent to $29.48 per ounce, platinum raised about 1 per cent to $973.20 and palladium was up 1.1 per cent at $922.19.
Gold Price Today in Malaysia (22-Carat)
| Gram | 22-Carat Today | 22-Carat Yesterday | Price Change |
| 1 Gram | RM 342 | RM 345 | RM -3 |
| 8 Gram | RM 2,736 | RM 2,760 | RM -24 |
| 10 Gram | RM 3,420 | RM 3,450 | RM -30 |
| 100 Gram | RM 34,200 | RM 34,500 | RM -300 |
Gold Price Today in Malaysia (24-Carat)
| Gram | 22-Carat Today | 22-Carat Yesterday | Price Change |
| 1 Gram | RM 359 | RM 358 | RM 1 |
| 8 Gram | RM 2,872 | RM 2,864 | RM 8 |
| 10 Gram | RM 3,590 | RM 3,580 | RM 10 |
| 100 Gram | RM 35,900 | RM 3,5800 | 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.
