Malaysia Gold Hits 571.61 MYR per Gram

The price of gold in Malaysia increased to 571.61 MYR per gram on Friday. This represents a rise from 569.23 MYR per gram recorded on Thursday. The data comes from FXStreet, which tracks local market rates.

The troy ounce price reached 17,778.97 MYR. The tola unit price stood at 6,667.04 MYR. These figures reflect the daily adjustment of international prices to the local currency.

Daily price movements in ringgit

The per-gram price gained 2.38 MYR in a single day. The tola price increased by 27.61 MYR. The troy ounce value rose by 17,778.97 MYR from the previous session.

FXStreet calculates these rates by converting USD/MYR international prices. Local retail rates may differ slightly from these reference values. The figures serve as a daily benchmark for local buyers.

Central banks drive demand

Central banks remain the largest holders of gold. They purchased 1,136 tonnes of the metal in 2022. This volume was worth approximately 70 billion USD.

Emerging economies such as China, India, and Turkey increased their reserves significantly. Gold acts as a store of value during economic uncertainty. It serves as a hedge against inflation and currency depreciation.

Dollar strength affects gold value

Gold prices often move inversely to the US Dollar. A weaker Dollar typically pushes gold prices higher. A stronger Dollar tends to suppress the precious metal's value.

Interest rates also influence gold demand. Lower rates generally benefit gold as a yield-less asset. Higher interest rates often weigh on the price of the metal.