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Reading: Today’s Gold Price in Malaysia: Increase in Gold Price, Based on FXStreet Data
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Gulf Press > Business > Forex > Today’s Gold Price in Malaysia: Increase in Gold Price, Based on FXStreet Data
Forex

Today’s Gold Price in Malaysia: Increase in Gold Price, Based on FXStreet Data

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Last updated: 2024/12/30 at 5:30 AM
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Gold prices in Malaysia saw an increase on Monday, with the price per gram rising to 377.02 Malaysian Ringgits (MYR) from 375.84 MYR on Friday. The price for Gold per tola also increased to 4,397.47 MYR from 4,383.71 MYR. FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units, with prices updated daily based on market rates. It is important to note that local rates may vary slightly from the calculated prices.

Gold has historically been a valuable asset, serving as a store of value and medium of exchange. In addition to its use in jewelry, Gold is considered a safe-haven asset, making it a popular investment during times of financial instability. Central banks are among the largest holders of Gold, with many countries diversifying their reserves to enhance the strength of their economies and currencies. In 2022, central banks added 1,136 tonnes of Gold to their reserves, with emerging economies such as China, India, and Turkey quickly increasing their holdings.

Gold has an inverse correlation with the US Dollar and US Treasuries, major reserve and safe-haven assets. When the Dollar weakens, Gold prices tend to rise, allowing investors to diversify their portfolios in uncertain times. Geopolitical instability or fears of a recession can also drive up the price of Gold, as investors seek the security of the precious metal. Ultimately, the price of Gold is heavily influenced by the behavior of the US Dollar, as Gold is priced in dollars. A strong Dollar typically keeps Gold prices in check, while a weaker Dollar can push prices higher.

Investing in Gold can be influenced by a variety of factors, including interest rates and the overall economic climate. As a yield-less asset, Gold tends to rise when interest rates are low, while higher interest rates can suppress its price. The performance of the US Dollar plays a significant role in determining the price of Gold, as the metal is priced in dollars. A strong Dollar can limit the increase in Gold prices, while a weaker Dollar can lead to higher prices for the precious metal.

Overall, Gold remains a popular investment choice for individuals and central banks looking to protect their assets during times of economic uncertainty. By understanding the various factors that influence Gold prices, investors can make informed decisions when considering Gold as part of their investment portfolio. With its long history as a valuable asset and its status as a safe-haven investment, Gold continues to be a sought-after commodity for those seeking stability and security in their financial holdings.

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News Room December 30, 2024
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