Gold prices fell in Malaysia on Monday, according to data compiled by FXStreet.
The price for Gold stood at 571.97 Malaysian Ringgits (MYR) per gram, down compared with the MYR 573.94 it cost on Friday.
The price for Gold decreased to MYR 6,671.31 per tola from MYR 6,694.28 per tola on friday.
| Unit measure | Gold Price in MYRDiscover moreBitcoin mining hardwareFintech investment reportsFinancial technology newsBlockchain development toolsDaily crypto newsSecure crypto storageBlockchain consulting servicesDigital payment systems |
|---|---|
| 1 Gram | 571.97 |
| 10 Grams | 5,719.38 |
| Tola | 6,671.31 |
| Troy Ounce | 17,790.26 |
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Gold has played a key role in human‘s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a countrys solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.